Given the recent trend of worsening contagion trends, the government announced last week that the entire Santiago Metropolitan Region would enter Step 2. The total population under Steps 1 and 2 remained unchanged this week with 87% facing some form of blockage. However, the population in Step 1 increased by 10 points to 34% (from 24%).

Overall this is negative news for the momentum of the reopening, however, we should expect it to be short-lived and not majorly impact local assets, given the success of the vaccination campaign, which has already seen over 26% of the population inoculated and should help keep contagion at bay.

Chile has already surpassed the goal set by the government for the end of March of 5,000,000 vaccinated (we have more than 5,400,000 as of March 18), we are leaders in the region in vaccination and even surpass developed references such as the USA and the United Kingdom, in doses administered per 100 people (see attached chart).

Chile continues to receive large shipments of the vaccine, with the latest shipment from Sinovac providing the country with another 2 million doses. To date, nearly 9 million doses have been imported and the country vaccinated an average of 277,000 people per day last week.

And the process is continuing and the vaccination of the healthy population will now begin at 59 years of age. Thus, reaching 80% of the population, i.e. approximately 15 million people, by the end of the first half of 2021, seems increasingly likely.

Doses of COVID-19 vaccine administered per 100 persons