The government is assuring the public that there is enough funds to purchase coronavirus disease 2019 (Covid-19) vaccines worth at least P72.5 billion.
“Covid vaccine development is also making headway. We have already secured sufficient financing to procure enough doses to inoculate a majority of our people,” said Finance Secretary Carlos Dominguez 3rd in a social media post.
Dominguez pointed to the 2021 General Appropriations Act that allocated P2.5 billion in funds for the vaccines, and P70 billion from unprogrammed funds that could be supported through foreign borrowings.
For his part, Budget and Management Secretary Wendel Avisado said there is P25 billion in standby funds for the purchase of Covid-19 vaccines as provided under the Bayanihan to Recover as One Act or Bayanihan 2.
Avisado also said that Dominguez was also looking at bilateral, multilateral, domestic or foreign borrowings to fund the purchase of Covid-19 vaccines.
“So we can really source the funds to procure the vaccines,” he said, adding that the P838-billion budget allocated to contain the Covid-19 pandemic will be utilized properly.
“The President’s instruction and directive is clear, ensure that the funds will be used for the right expenses,” he said.
The government aims to vaccinate as much as 70 million Filipinos in the next three to five years, which will result in herd immunity against Covid-19. SOVEREIGNPH