- ADB has partnered with AIIB to procure up to 110 million doses of COVID-19 vaccines for as many as 50 million Filipinos to help achieve herd immunity, save lives, and ensure economic recovery.
- The Philippines was the first recipient of financing support under ADB’s $9 billion Asia Pacific Vaccine Access Facility (APVAX). A $400 million loan approved in March 2021 has been helping the country purchase safe and effective vaccines against COVID-19.
The Philippines was the first recipient of financing support under the Asian Development Bank’s (ADB) $9 billion Asia Pacific Vaccine Access Facility (APVAX). A $400 million loan was approved in March 2021 to help the country purchase safe and effective vaccines against the coronavirus disease (COVID-19).
The project is supported by $300 million in cofinancing from the Asian Infrastructure Investment Bank (AIIB). The ADB and AIIB loans will together fund the procurement of up to 110 million doses of COVID-19 vaccines for as many as 50 million Filipinos.
In June 2021, shipments of ADB-AIIB-procured vaccines from Sinovac Biotech Ltd. started to arrive in the country, followed by Pfizer-Biotech doses in July. The contract with Pfizer under APVAX is the biggest vaccine supply deal for the country so far. The vaccine deliveries are helping the government to ramp up its national COVID-19 immunization program.
ADB will continue to support the Philippine government as it seeks to end the COVID-19 pandemic in the country and achieve universal health care.
