Philippines Secured $ 800 Million Loans For COVID-19 Booster Injections —DOF GMA News Online

The Philippines has so far secured $ 800 million, or about P $ 40 billion, in loan financing from multilateral development banks to secure adequate government funds for the purchase of COVID-19 booster vaccines, the Department of Finance (DOF) said on Friday.

In a statement, the DOF said it signed a $ 250 million loan agreement with the Asian Development Bank (ADB) and another $ 250 million loan agreement with the Asian Infrastructure Investment Bank ( AIIB) in December 2021.

Likewise, a loan agreement of $ 300 million with the World Bank (WB) was also signed in December.

Under Secretary of Finance Bayani Agabin said the DOF is awaiting the advice of the Department of Justice (DOJ) on the effectiveness of the funding agreements.

“We wait for everything, we wait [these loans] to be effective towards the end of January. So that will give us funds to buy our COVID booster injections, ”Agabin said.

The finance official also said that the DOF withdrew $ 80 million from the World Bank’s $ 500 million Disaster Risk Management Development Program 4 with a catastrophic deferred withdrawal option (CAT-DDO4) on December 27 to support the national government’s relief and rehabilitation efforts in the provinces. devastated by Typhoon Odette.

“Within a week, we will draw another 120 million dollars from the same loan facility from the World Bank, which is equivalent to 6 billion pesos to finance the rehabilitation and recovery efforts related to ‘Odette’,” said Agabin.

Agabin also said that Finance Secretary Carlos Dominguez and Tax Office Commissioner (BIR) Caesar Dulay issued Tax Regulation (RR) No 22-2021 extending the deadlines for declaring and paying taxes in the six regions declared by President Rodrigo Duterte under a state of calamity because of Odette.

These are the regions of Mimaropa (Mindoro-Marinduque-Romblon — Palawan), Western Visayas, Central Visayas, Eastern Visayas, Northern Mindanao and Caraga, which have been declared under a one-year state of calamity. as of December 21, 2021.

All December 2021 deadlines for filing and paying tax returns, filing tax refund requests (including VAT or 12% VAT), processing VAT refunds, as well as the legal deadline for issuing tax notices and seizure and debit warrants were moved 30 days later to different dates in January 2022 under the RR. –Ted Cordero / KBK, GMA News

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