ADB approves $250-million loan to Philippines for COVID-19 vaccines

The Asian Development Bank (ADB) has approved another $250-million loan to the Philippines to boost its COVID-19 vaccine supply by 40 million additional doses.

The multilateral lender on Monday said the loan program will cover additional doses of COVID-19 vaccines for eligible children, and booster shots for adults.

The project will be the Second Health System Enhancement to Address and Limit COVID-19 under the Asia Pacific Vaccine Access Facility (HEAL2) Additional which will be co-financed by the Asian Infrastructure Investment Bank.

“ADB is supporting the government’s drive to provide vaccines to protect its citizens and save lives, especially with the emergence of new COVID-19 variants,” ADB Principal Social Sector Specialist for Southeast Asia Sakiko Tanaka said in an emailed statement.

“Vaccination will allow the health system to better manage the effects of the virus and will help sustain economic recovery. It is key to the country’s full recovery from the pandemic,” it added.

Under HEAL2 approved in March 2021, the ADB assisted in the purchase of 85.6 million doses of COVID-19 vaccines through bilateral agreements, with over 80% of the supply delivered as of December 2, 2021.

This is equivalent to nearly half of the country’s vaccine supply as of December 2, 2021, with more than 98% of the HEAL2 funds committed for vaccine supply contracts as of December 6, 2021.

Under the HEAL program approved in January 2021, the ADB provided advance payments for vaccines and purchases in microsyringes and other vaccine-related items.

The ADB in November approved the $600-million Build Universal Health Care Program to ensure equitable access to quality health services and financial protection to Filipinos.

“The Philippines has continuously enhanced its capacities for testing, tracing, isolating, and treating COVID-19 cases and vigorously pursued COVID-19 inoculation for its population,” it said.

Latest health department data indicate that the Philippines has administered a total of 92,911,641 vaccine doses as of Sunday, December 12, 2021. This includes 54.705 million who have received their first doses, 37.431 million who have received full doses, and 774,321 who have received their booster or additional doses. — BM, GMA News