The World Bank and the Asian Development Bank (ADB) have approved a total of $900 million (about P43.65 billion) worth of financing to be extended to Manila to fund its purchase of anti-coronavirus disease vaccines. It said the newly approved financing will support the Philippines to vaccinate the population based on vulnerability and risk. The latest ADB loan for the Philippines is part of the $700-million Second Health System Enhancement to Address and Limit Covid-19 under the Apvax (HEAL 2) project, which will be co-financed by China-backed Asian Infrastructure Investment Bank (AIIB). Tanaka said under the HEAL 2 loan agreement, ADB will pay vaccine suppliers directly. Finance Secretary Carlos Dominguez 3rd earlier said the government was targeting to borrow over a billion dollars from the World Bank, ADB and AIIB to ensure the distribution of Covid-19 vaccines for 100 percent of the county’s adult population.

Source: Manila Times March 12, 2021 16:21 UTC