Malacanang on Wednesday said there are reserve funds for the procurement of COVID-19 vaccines after the World Health Organization (WHO) reported that the vaccine may be ready by the end of the year.

“We already have a budget for the purchase of COVID-19 (vaccine). We know the mechanism. PITC (Philippine International Trading Corp.) will be the one to buy (the vaccine) and the one who will finance it is the LandBank (of the Philippines) and DBP (Development Bank of the Philippines),” Presidential spokesperson Harry Roque said in a TV interview.

Roque said the government is planning to buy vaccines for 20 million poor Filipinos.

“The poor will be the first to receive (the vaccine),” he said.

According to WHO Director-General Tedros Ghebreyesus, there is hope that a vaccine will be ready by the end of 2020.

“We will need vaccines, and there is hope that by the end of this year, we may have a vaccine… So, investing in vaccines while implementing the tools we have at hand will be important, and they will give us better results,” said Ghebreyesus.

Reports said the WHO-led Covax global vaccine facility has nine experimental vaccines covering 168 countries as it seeks to distribute two billion doses to those who most need them by the end of 2021.

Last month, Roque said the government could still fund its COVID-19 responses even if it would take a little longer to have a widespread immunization against the virus.

Under the Bayanihan II bill, Congress has given the executive branch the allocation of P140 billion for various sectors greatly affected by coronavirus pandemic and P25-billion standby appropriations. Ella Dionisio/DMS