PH borrows $250M from China’s AIIB

The Philippines has contracted more loans from multilateral banks and bilateral partners so it can buy booster and pediatric shots, the Department of Finance confirmed on Friday.

Finance Secretary Carlos Dominguez III on Friday confirmed that the Beijing-based Asian Infrastructure Investment Bank (AIIB) approved on Thursday a $250-million additional financing for the ongoing second health system enhancement to address COVID-19 under the Asia-Pacific vaccine access facility (Heal 2) project.

In March, the AIIB extended a $300-million loan for Heal 2, under its COVID-19 crisis recovery facility, for vaccine procurement.