MANILA, Philippines—The Philippines has further raised to $500 million (about P24 billion) the loan it is requesting from the World Bank for coronavirus vaccines as more funds were needed to pay vaccine makers at least half in advance.
Documents seen by the Inquirer showed that from $300 million in December 2020 and $400 million last January, the project cost for additional financing for the COVID-19 emergency response project again rose to half-a-billion dollars this month.
The Inquirer sought confirmation from Finance Undersecretary Mark Dennis Joven, who said the Department of Finance (DOF) will provide information after it had secured approvals for various loan applications.
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Keep on reading: PH raises to $500M requested loan from WB for advance vaccine payments