PH gets $300-million WB loan for booster vaccine shots

The Philippines has secured a fresh loan from the World Bank to fund the purchase of additional doses of coronavirus disease 2019 (COVID-19) vaccines needed for booster shots.

The Washington-based multilateral institution announced on Wednesday, Dec. 22, the approval of the government’s $300-million financing, which will be used to procure approximately 27 million vaccine doses.

According to the World Bank, the new loan is aimed at supporting “efforts to scale up national vaccination, strengthen the country’s health systems, and overcome the impact of the pandemic especially on the poor and the most vulnerable.”

Under the Philippines COVID-19 Emergency Response Project – Additional Financing 2, the loan will cover procurement and delivery of doses to individuals aged 12 to 17, immunocompromised individuals, including senior citizens, and booster doses for health workers.

“Fair, broad, and fast access to effective and safe COVID-19 vaccines is vital to save lives and strengthen economic recovery,” Ndiamé Diop, World Bank Philippines country director said.

“This funding operation is critical for the country to safely reopen the economy and resume economic and social development activities, including face-to-face learning, that were disrupted by the COVID-19 pandemic,” he added.

The new loan will also finance primary doses for children under 12 in support of the country’s efforts to safely reopen schools, World Bank said.

Diop added that the new lending operation will also help the country’s efforts to address emerging variants like Omicron.

Global vaccine supply market remains supplier-driven with many uncertainties for low- and middle-income countries.

Hence, negotiating supply agreements with suppliers ahead of the country’s planned vaccination scale up in 2022 is a step in the right direction, Diop added.

Last April, the World Bank also granted a $100-million loan to the Philippines and $500 million approved in March to finance the initial roll-out of the vaccination program.
The Philippines has secured a fresh loan from the World Bank to fund the purchase of additional doses of coronavirus disease 2019 (COVID-19) vaccines needed for booster shots.

The Washington-based multilateral institution announced on Wednesday, Dec. 22, the approval of the government’s $300-million financing, which will be used to procure approximately 27 million vaccine doses.

According to the World Bank, the new loan is aimed at supporting “efforts to scale up national vaccination, strengthen the country’s health systems, and overcome the impact of the pandemic especially on the poor and the most vulnerable.”

Under the Philippines COVID-19 Emergency Response Project – Additional Financing 2, the loan will cover procurement and delivery of doses to individuals aged 12 to 17, immunocompromized individuals, including senior citizens, and booster doses for health workers.

“Fair, broad, and fast access to effective and safe COVID-19 vaccines is vital to save lives and strengthen economic recovery,” Ndiamé Diop, World Bank Philippines country director said.

“This funding operation is critical for the country to safely reopen the economy and resume economic and social development activities, including face-to-face learning, that were disrupted by the COVID-19 pandemic,” he added.

The new loan will also finance primary doses for children under 12 in support of the country’s efforts to safely reopen schools, World Bank said.

Diop added that the new lending operation will also help the country’s efforts to address emerging variants like Omicron.

Global vaccine supply market remains supplier-driven with many uncertainties for low- and middle-income countries.

Hence, negotiating supply agreements with suppliers ahead of the country’s planned vaccination scale up in 2022 is a step in the right direction, Diop added.

Last April, the World Bank also granted a $100-million loan to the Philippines and $500 million approved in March to finance the initial roll-out of the vaccination program.