Finance Secretary Carlos Dominguez, on behalf of the Philippine Government, and Country Chief Representative Jaejeong Moon of the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF), on behalf of the Korean Government, sign the US$100-million second phase Program Loan for COVID-19 Emergency Response Program—Vaccination Program (PLCERP II).

Secretary Dominguez and KEXIM-EDCF Country Chief Representative Moon were joined by the Ambassador of Korea to the Philippines Kim In-chul, Finance Undersecretary Mark Joven, and Finance Assistant Secretary Ma. Edita Tan.

PLCERP II will help secure financial sustainability and fill the budgetary gap in implementing the Department of Health’s (DOH) national COVID-19 vaccination program. The loan is designed to support the implementation, monitoring, and management of the ongoing inoculation drive.

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.