MANILA - The Asian Development Bank said Friday it has approved a $400 million (P24 billion) loan to help the Philippines purchase COVID-19 vaccines.

The aid is part of ADB's Asia Pacific Vaccine Access Facility (APVAX), the lender said in a statement.

Another $300 million (P14 billion) co-financing from the Asian Infrastructure Investment Bank (AIIB) will support the project, the ADB said.

Together, the ADB and AIIB loans will fund procurement of up to 110 million doses of COVID-19 vaccines for as much as 50 million Filipinos.

“ADB’s support will boost the Philippine government’s urgent efforts to secure and deploy COVID-19 vaccines for all Filipinos, especially those who are vulnerable, such as frontline workers, the elderly, and poor and marginalized populations, as well as those at increased risk of severe illness,” said ADB President Masatsugu Asakawa.

"With this financing, ADB seeks to help the country save lives and allow Filipinos to return to normal life as soon as possible," he added.

Asakawa said vaccines were "critical" in boosting economic recovery and rebuilding livelihoods and restoring jobs.

The APVAX project will also help the Department of Health ensure delivery of vaccines certified by the COVID-19 Vaccines Global Access Facility (COVAX) and bilateral vaccine suppliers that meet APVAX eligibility criteria, the ADB said.

The APVAX program is the bank's $9 billion vaccine initiative.

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