Pinera said the funds would be used to buy five million more vaccine doses, strengthen primary care facilities and testing, tracing and virus genome sequencing capability.
"The fight against COVID is not over and no one knows when it might be," said Pinera during a health briefing.
Alarm is growing in Chile over the more contagious Delta variant of the coronavirus, which was confirmed in the country last week and has caused contagion spikes elsewhere.
Although it is experiencing a lull in cases after a fierce second wave, health chiefs have tightened health checks at borders and urged people to wear thicker masks.
Chile has vaccinated 82% of its 15 million target population with at least one dose and 70% are fully vaccinated against COVID-19. This week it is inoculating residents under age 18, as young as 12-years-old.
Pinera said the country will vaccinate children aged three to 11 as soon as regulatory approval is granted.
Studies suggest that two doses of the Pfizer/BioNTech or AstraZeneca vaccines - both being used in Chile - are broadly effective against Delta variant first identified in India and now rampaging around the globe.
