Dominguez Reveals How Much Is Needed For COVID-19 Vaccine for 60 Million Filipinos

Finance Secretary Dominguez Speaks on Funds Needed for COVID-19 Vaccine

DOMINGUEZ – Department of Finance Secretary Carlos Dominguez III revealed how much is needed for the vaccine for 60 million Filipinos against COVID-19.

More than 200 countries and territories recorded cases of COVID-19 amid the global pandemic. One of these nations is the Philippines that is still battling against it now.

Currently, the total COVID-19 cases logged by the Department of Health (DOH) is at 420,614 including 8,173 deaths and 386,604 recoveries. Community quarantine measures are still up in the country.

The entire Metro Manila will stay under General Community Quarantine (GCQ) until December. The way the holiday season is celebrated may also be a bit different as Christmas parties will not be allowed.

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Carlos Dominguez III
Photo: GMA News

Currently, it is already a protocol to wear a face mask and practice social distancing when going outdoors. Face-to-face delivery of lessons were also shifted to a blended learning mode for the safety of the students.

Several countries are looking forward to the development of a COVID-19 vaccine. It will surely need a huge amount when it is already available.

Based on a report on ABS-CBN News, Finance Sec. Carlos Dominguez III said that P73.2 billion is needed for the COVID-19 vaccine of 60 million Filipinos. The number is in line with the pursuit of a “herd immunity”.

According to Dominguez, the amount needed for the COVID-19 vaccine of 60 million Filipinos may be taken from three sources – multilateral agencies, domestic sources, and bilateral negotiations.

Based on the report, the Finance Secretary that the first sources are the multilateral agencies like the World Bank and the Asian Development Bank. The estimated amount from them is P40 billion.

Dominguez stressed that loans from the ADB and World Bank are “low-cost, long-term loans”. From domestic sources like Landbank and the Development Bank of the Philippines, around P20 billion may be added to the amount needed for the COVID-19 vaccine of 60 million Filipinos.

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