PH secures $1.3B loan for over 100M COVID-19 vaccine doses

The Philippine government is securing approximately USD1.3 billion in loan financing from multilateral lenders to ensure enough Covid-19 vaccine doses for over 70 million adults, exceeding 100% of the adult population.

Finance Secretary Carlos Dominguez III reported to President Rodrigo Duterte that these loans, negotiated with the Asian Development Bank (ADB), World Bank (WB), and Asian Infrastructure Investment Bank (AIIB), will cover 106 million doses valued at around USD1.2 billion.

An additional 40 million doses will be acquired through the Covid-19 Vaccines Global Access (COVAX) Facility, with the Philippines contributing USD84 million to this initiative.

The government's procurement strategy is three-pronged: a multilateral approach involving international financial institutions and COVAX, partnerships with the private sector, and collaboration with local government units (LGUs).

The private sector and LGUs will independently shoulder the costs of their respective vaccine purchases.

With expected additional doses from the private sector, the Philippines aims to procure a total of about 178 million doses to cover 92 million individuals, ensuring inoculation for 100% of the adult population and accounting for potential delivery delays.

Dominguez emphasized that any delays in vaccine delivery would stem from manufacturing issues, not from the government's procurement efforts, as funds have been sufficiently allocated and early negotiations have been conducted.

The Philippines' participation in the COVAX Facility, co-led by the World Health Organization (WHO) and Gavi, the Vaccine Alliance, signifies its commitment to equitable global access to safe and effective Covid-19 vaccines.