Finance Secretary Carlos Dominguez III believes there is a need for the government to subsidize COVID-19 booster shots for the entire population in the long run for the economy to recover and safely reopen from the five-quarter technical recession it suffered since the first quarter of 2020.
In an online briefing Monday, Dominguez said giving booster shots to those fully vaccinated would mean an investment in Filipino people’s health.
“Without booster shots, I don’t think the economy can safely open. If we don’t have booster shots, we will have ups and downs in our economic recovery program. So, it is really mandatory that we provide vaccines,” Dominguez said.
He said booster shots might get a regular budget allocation from the government.
“I cannot say beyond 2022, but I am sure that the succeeding administration will keep that in mind that these vaccines are really insurance and a necessary input now into the economy,” he said.
Last week, Dominguez said the government was looking to borrow around P45.3 billion ($900 million) from multilateral agencies to fund the purchase of booster shots against the COVID-19 virus.
Dominguez said in the national government’s 2022 National Expenditure Program, there is an allocation of P45.3 billion for the procurement of COVID-19 vaccine booster shots under unprogrammed appropriations.
“The NTF (National Task Force on COVID-19), DOH (Department of Health) and DoF (Department of Finance) have initially identified multilateral and bilateral financial institutions as possible sources of funding for this allocation,” Dominguez said.
“In fact, exploratory discussions with the Asian Development Bank, the Asian Infrastructure Investment Bank and the World Bank have been initiated to help determine possible funding sources for additional vaccine requirements in 2022,” he said.
“We expect to execute loan agreements towards the end of the year,” Dominguez said.
As of end-August 2021, government data showed that foreign financing to fund its COVID-19 response efforts already hit $22.51 billion (equivalent to more than P1.1 trillion).
As of Sept. 27, 2021, 23.8 million Filipinos have received their first vaccine dose, while 20.6 million are already fully vaccinated.
In the National Capital Region alone, more than seven million residents or 72.4 percent of its target population are already fully vaccinated. Other major cities, such as Iloilo, Angeles, Mandaue, and Lapu-Lapu City, have reached at least 50 percent of their target population.
Economic managers expect the pharmaceutical companies to deliver more than 125 million doses by the end of this year. The government is also preparing to inoculate minors between 12 to 17 years old. This would support the pilot face-to-face classes in low-risk areas.
