PH seeks $325M ADB loan for COVID-19 vaccines

The Philippine government is seeking a $325 million (P15.6 billion) loan from the Asian Development Bank (ADB) to fund the procurement and logistical costs of COVID-19 vaccines.

This loan request is part of the ADB's $9 billion Asia Pacific Vaccine Access Facility (APVAX), with the Philippines potentially increasing its borrowings up to $500 million (P24.05 billion).

The loan terms and interest rate are still being coordinated by the ADB with the Department of Finance and Department of Health, though it is expected to be concessional with a long grace period and low interest rate.

ADB country director Kelly Bird emphasized that this amount is separate from the $9.4-billion (P452-billion) sovereign lending program for the Philippines.

The government is also preparing a national vaccination plan to ensure marginalized and vulnerable groups are included.

The Philippines has secured over two million doses of COVID-19 vaccines from AstraZeneca through a tripartite agreement with the private sector.