Asian Development Bank (ADB) country director Kelly Bird on Monday, December 21, said the Philippine government asked for $325 million (P15.6 billion) for the purchase and logistical costs of COVID-19 vaccines.

Bird said the Philippines may opt to increase its vaccine borrowings up to $500 million (P24.05 billion) from the Asia Pacific Vaccine Access Facility (APVAX), which has a total allocation of $9 billion for ADB member countries.

The loan terms and interest rate have not been disclosed yet, as the ADB is still coordinating the deal with the Department of Finance and the Department of Health. Bird, however, noted that the loan will be concessional or will have a long grace period and low interest rate.

Bird added that the amount is “above and beyond” the $9.4-billion (P452-billion) sovereign lending program for the Philippines, which covers mostly infrastructure projects.

Criteria

The ADB said it will only fund vaccines that have satisfied any of the following criteria: 

• Selected for procurement via COVAX on behalf of participating countries 
• Prequalified by the World Health Organization
• Authorized by a Stringent Regulatory Authority (SRA) for manufacture in an SRA country or the SRA has authorized its manufacture in a non-SRA country

The Philippine government would also submit a national vaccination plan, which safeguards against exclusion of marginalized and vulnerable groups.

The latest developments on the financing that the government is tapping come as it lags in the race to get COVID-19 vaccines.

Indonesia has secured 338 million doses from 5 developers, while Malaysia has secured 14 million doses, most of which would come from Pfizer.

The Philippines’ first stockpile of vaccines, 2.6 million doses worth around P700 million, were secured through the efforts of the private sector.

President Rodrigo Duterte and his team struggled to pay in advance for vaccines, supposedly due to the country’s strict procurement laws. But even Duterte’s officials, particularly his spokesperson Harry Roque, noted that international deals are exempted from such rules.

Meanwhile, Health Secretary Francisco Duque III pointed to red tape coupled with the uncertainty of a new vaccine as factors hampering the process of negotiating a purchase deal. – Rappler.com