San Miguel spending P1 billion for employees' COVID-19 vaccinations

San Miguel Corporation is spending around P1 billion for the COVID-19 vaccination of all of its 70,000 workers.

The conglomerate did not say which brands it would buy, but noted that it secured COVID-19 vaccine deals "from various sources."

In November 2020, San Miguel was among the big companies that placed orders through advance market commitments – a financing mechanism that assures funders of the vaccine once it is produced.

"Our program is in line with our core value of malasakit (compassion) and aims to create a safe and healthy workplace so that we can further contribute to our country's economic recovery," said San Miguel president Ramon Ang.

Ang said vaccination will be voluntary, but he hopes that all employees will sign up.

San Miguel posted a net income of P10.74 billion in January to September 2020, down by 73%.

The private sector was the first to move to get vaccine deals. But for companies to get their employees vaccinated, they struck a deal to donate half of their purchases to the government. (READ: Securing vaccine deals: A checklist for local governments)

All vaccine procurements, so far, go through the scrutiny of the national government.

Private firms have also been asked to comply with the government's vaccine prioritization list. Health workers are listed as the first group to receive vaccines and working Filipinos last. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.

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