Connect with us

Hi, what are you looking for?

Economy

Gov’t seeks $325-M loan for vaccines

THE government is seeking a $325-million (P15.63 billion) loan from the Asian Development Bank (ADB) to purchase coronavirus disease 2019 (COVID-19) vaccines, ADB Country Director for the Philippines Kelly Bird said on Monday.

The ADB launched earlier this month a $9-billion Asia Pacific Vaccine Access Facility (APVAX) to support developing countries in procuring and delivering COVID-19 vaccines.

“At the moment, the government has requested approximately $325 million from the first component of the (APVAX) facility, from the rapid response component, and that’s dedicated for the procurement of the vaccine,” Mr. Bird said at a Palace briefing on Monday.

He added that the maximum allowed financing for the Philippines under the APVAX facility is “between $400-$500 million” for vaccine procurement.

“We are in close discussions with the Department of Finance and the Department of Health and we aim to bring the Philippine loan proposal to our board for formal consideration very very quickly,” Mr. Bird said.

To avail themselves of loans under APVAX, Mr. Bird said countries must assess their needs and have a national vaccination allocation plan. He said the plan should include “which citizens will get the vaccine and when.”

The government aims to immunize 20 million Filipinos against COVID-19 annually in the next three years.

ADB will also look into the COVID-19 vaccine that the country is targeting to procure to gauge whether it can qualify for the loan.

Mr. Bird said the vaccine would be eligible for financing if it is selected for procurement of participating countries of the COVAX pillar of the Access to COVID-19 Tools of the World Health Organization (WHO). The vaccine manufacturer must also be prequalified by the WHO, and is authorized by a “stringent regulatory authority” for manufacturing.

“For example, Pfizer has been qualified for emergency use in the US and in the UK, so clearly Pfizer will be qualified under that [third criteria],” he said.

In November, the government in partnership with private sector players inked a deal with AstraZeneca for 2.6 million vaccine doses worth P700 million. The deal was fully funded by businesses and is expected to reach the country by the second quarter of next year, to inoculate about 1.5 million Filipinos.

Last week, National Task Force Against the COVID-19 chief implementer Carlito G. Galvez, Jr. said they were expecting to finalize a deal to procure vaccines from Chinese drug maker Sinovac Biotech Ltd. The government is also in talks with the Serum Institute of India Ptv. Ltd. for the supply of 30 million doses of Covovax.

Aside from a possible vaccine loan, Mr. Bird said the ADB may also provide technical assistance to developing countries for capacity support, monitoring, and surveillance of the vaccine procurement and distribution.

Outside the vaccine loan prospect, the Philippines already accessed a total of $4.2 billion from the ADB this year for pandemic response as well as some infrastructure projects. — Luz Wendy T. Noble

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

TikTok is expected to ride out the advertising slowdown, as the Chinese-owned social media titan becomes an outlier to the wider industry slowdown. According...

Investing

The average start-up loan has fallen over 138 percent in the past year to just over £142k, from £339k in 2021. Thats according to...

Investing

The government risks “sleepwalking” into a food supply crisis unless it provides crucial support for British farmers struggling with the soaring cost of fuel,...

Investing

Britain’s retailers benefited from a November sales boost fuelled by Black Friday discounts and colder weather as consumers bought winter coats, hot water bottles...

Investing

The biggest sector of the economy remained in a downturn last month as new orders continued to fall owing to the cost of living...

Economy

1 of 2 AFTER all their hard work in topping a difficult group and matching the Croatians for 120 minutes, Japan crumbled in the...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.