The Philippines’ request for $325-million financing for vaccine procurement will be raised to the Asian Development Bank (ADB) board for consideration “very, very quickly,” a bank official said Monday.
ADB Country Director for the Philippines Kelly Bird said they are working closely with the Philippine government even during the holiday season to carry out the technical background work and prepare the vaccine procurement project.
"The Philippines can access between $400 and $500 million lending for vaccine procurement. At the moment, the government has requested approximately $325 million from the first component of the facility – that’s the Rapid Response Component and that’s dedicated for financing the procurement of vaccines,” Bird said during a virtual press briefing.
"We are in close discussions with the Department of Finance and the Department of Health and we aim to bring the Philippine long proposal to our board of directors for formal consideration very, very quickly. We want to have these resources available to the Philippines so that they can immediately procure those vaccines," he added.
He said the COVID-19 vaccines to be financed and procured must meet the ADB eligibility criteria such the vaccine manufacturer being prequalified by the World Health Organization as well as the vaccine authorized by a stringent regulatory authority. The vaccine acquisition, he added, must follow the bank's procurement process.
"We will also provide technical assistance to the government to provide capacity support, monitoring supply needs and other request on a demand basis," he said.
Early this month, the ADB launched a $9-billion Asia Pacific Vaccine Access Facility (APVAX) that offers rapid and equitable support for its developing members in purchasing safe and effective vaccines.
The APVAX has two components – Rapid Response Component (RCC) that provides financing for vaccine procurement and logistics costs and the Project Investment Component (PIC) that involves support for systems and physical infrastructure for vaccine delivery and distribution, establishment or expansion of vaccine manufacturing capacity, and capacity strengthening activities.
Among the financing terms and conditions are the ceiling loan amount is based on population size, advance financing of up to 50 percent, and concessional lending terms.
"That’s the main features of the APVAX facility and how we are working closely with the Philippines to develop that vaccine project for quick approval and disbursement," Bird said.
The government earlier announced that around 24.6 million Filipinos, initially frontline health workers, will be given priority in its free vaccination program to fight the new coronavirus disease. The list of beneficiaries also includes indigent senior citizens, other senior citizens, indigent population, and uniformed personnel.
The government is currently trying to secure vaccine deals with various pharmaceutical firms to get an initial 60 million doses of the medicine by next year.