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The government and the Asian Development Bank (ADB) are discussing the possibility of leveraging the Asia Pacific Vaccine Access Center (Apvax) to help finance the procurement of vaccines against the coronavirus disease 2019 (Covid-19) next year.
According to the Manila-based multilateral lender, the $ 9 billion facility offers prompt and equitable support to its developing members as they procure and deliver such vaccines.
It also provides a framework and resource endowment to support access to vaccines in developing Asia, using two complementary components. The first, the Rapid Response Component, will provide support for the diagnosis, procurement, and transportation of critical vaccines; and the second, the Project’s Investment Component, will support investments in systems for the successful distribution, delivery, and administration of vaccines, along with associated investments in capacity building, community outreach, and surveillance.
“Under the facility, the Philippines can access around $ 400 to $ 500 million.
What we are doing is reviewing the costs with them and they will decide how much they want to borrow. But the facility has limits across countries based on population, ”Kelly Bird, ADB’s country director for the Philippines, said during a briefing Wednesday.
“We are committed to supporting [the Philippines’] financing the purchase of vaccines. This is clearly going to be one of the most important initiatives next year, ”he added.
According to the ADB, Apvax promotes access to safe and effective vaccines fairly. These must be purchased through the Covid-19 Vaccines Global Access Facility, prequalified by the World Health Organization and authorized by a regulatory authority.
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