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Korea Grants $100M Loan For PHL Vax Drive
- By The Financial District
- Dec 19, 2021
- 2 min read
The Philippines and Korea signed over the weekend an agreement for a US$100-million loan that will provide a big boost to the Philippine government’s ongoing nationwide COVID-19 vaccination program.
Photo Insert: Finance Secretary Carlos Dominguez and Country Chief Representative Jaejeong Moon of the Export-Import Bank of Korea-Economic Development Cooperation Fund shake hands to seal the deal on the loan for vaccines.
Finance Secretary Carlos Dominguez III, on behalf of the Philippines, and Country Chief Representative Jaejeong Moon, representing the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) signed the agreement for the second phase of the Program Loan for COVID-19 Emergency Response Program—Vaccination Program (PLCERP II). Kim Inchul, Ambassador of the Republic of Korea to the Philippines attended the signing ceremony.
“This financial assistance from Korea will go a long way in helping the Duterte administration rev up its mass vaccination program against COVID-19 that is crucial to the strong rebound by our domestic economy come 2022,” Secretary Dominguez said.
Ambassador Kim said, “I am happy to join this meaningful ceremony of signing the loan agreement. Through this agreement, Korea is able to make further contribution to the Philippine government’s tireless efforts to combat the pandemic and ultimately achieve early economic recovery.”
He added that Korea will continue to remain committed to support the Philippine government in fighting the pandemic.
According to the International Finance Group of the Department of Finance (DOF-IFG), PLCERP II will help “secure financial sustainability and fill the budgetary gap” in implementing the Department of Health (DOH)’s national COVID-19 vaccination program.
The DOF-IFG said the loan is designed to support the implementation, monitoring, and management of the ongoing vaccination drive.
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In October of last year, Korea extended a US$100-million loan to the government for the first phase of the PLCERP, which aimed to build systematic policy measures to respond to the Philippines’ public health challenges caused by COVID-19.
