MANILA- President Rodrigo Duterte raised Friday the reward money for the discovery of a vaccine against the new coronavirus disease (COVID-19) to P50 million.

Duterte said the bounty could even go as high as P100 million if he becomes "happy."

"I am raising the bounty to P50 million because it is a collegial thing," he said in an address aired Friday.

"Baka sa ligaya ko, another P50 million, kung maligaya ako masyado," he added.

(If I'm too happy I might add another P50 million.)

The President initially offered up to P10 million in reward money to any Filipino who can discover a vaccine against COVID-19.

• Duterte offers up to P10 million reward for any Pinoy who can find COVID-19 vaccine

Earlier, Malacañang also announced that President Duterte would offer a "substantial grant" to the University of the Philippines-Philippine General Hospital for the development of a vaccine.

The world has yet to find a vaccine and cure for the rapidly spreading COVID-19 but there are drugs being tested worldwide as possible treatment for the respiratory disease.