Philippines Targets $325 Million Loan for Vaccines from ADB

The Philippines is aiming to secure a $325 million or ₱15.6 billion loan from the Asia Development Bank (ADB) for the procurement of vaccines.

Kelly Bird, ADB country representative, said the Philippines “can access between $400 and $500 million lending for vaccine procurement,” based on its population size.

A requirement for the Philippines to secure the loan is that the country would need to provide a plan “that will show which citizens will get the vaccine and when,” Bird added.

The loan also requires that the procured vaccines be approved by the COVID-19 Vaccines Global Access Facility (COVAX), prequalified by the World Health Organization, or authorized by a stringent regulatory authority.

For example, Pfizer’s vaccine satisfies the third criterion as it was authorized by both the US and the UK.