ADB provides $25m to help Philippines purchase COVID-19 vaccines

MANILA - The Asian Development Bank (ADB) said on Monday that it has allocated $25 million to help the Philippine government purchase vaccines for the coronavirus disease (COVID-19).

The Manila-based bank said the financing will come from the $125 million Health System Enhancement to Address and Limit COVID-19 project, which ADB approved on Aug 24, 2020.

The Philippines now has 525,618 confirmed COVID-19 cases, including 10,749 deaths.

The ADB said the newly allocated funding for vaccine supply will follow the vaccine access and eligibility requirements under ADB's Asia Pacific Vaccine Access Facility (APVAX), launched on Dec 11, 2020 with a financing commitment of $9 billion for the region.

To supplement the $25 million financing, the ADB said it is preparing a follow-on project under APVAX for consideration by ADB's Board of Directors to support the government's efforts to procure vaccines.

The Philippines has developed a COVID-19 vaccine road map to immunize 60 to 75 percent of Filipino. It is negotiating vaccine delivery with several vaccine developers.

The ADB said the government's vaccine supply contracts with ADB financing, including direct payments by ADB to vaccine manufacturers, will follow ADB's procurement rules and guidelines, and ADB's anti-corruption and integrity policy.

The financing will also follow global best practices on safeguards measures, including waste management of medical supplies, the ADB added.