MANILA — The Philippines is looking to borrow $325 million or around P15.6 billion for the procurement of vaccines against the novel coronavirus from the Asian Development Bank, its representative said on Monday.

Based on its population, the Philippines "can access between $400 and $500 million lending for vaccine procurement," from the ADB, said its country representative Kelly Bird.

"At the moment, the government has requested approximately $325 million from the first component of the facility—that’s the rapid response component. And hat’s dedicated to financing the procurement of the vaccines," he said in a press briefing.

"ADB is working very closely and intensely with the government, even over the Christmas and New Year period to carry out the technical background work in preparing the vaccine project," Bird added.

To get the loan, one requirement is for the Philippines to produce a plan "that will show which citizens will get the vaccine and when," he said.

The vaccines that will be procured with the ADB loan should have been selected by the COVID-19 Vaccines Global Access Facility (COVAX), prequalified by the World Health Organization, or authorized by a stringent regulatory authority.

For example, Pfizer's vaccine recently got authorization from the UK and the US, which satisfies the third criterion, said Bird.

The Philippines, which is wrestling with Southeast Asia's second-highest coronavirus caseload, has so far secured 2.6 million doses of the COVID-19 vaccine of British drugs group AstraZeneca. Local firms bankrolled the procurement.

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The 2021 national budget, which is up for President Rodrigo Duterte's signature, includes P72.5 billion for COVID-19 vaccines.

Last week, the ADB approved a "pipeline" for $9.4 billion in lending to the Philippines from 2021 to 2023, said Bird.

"Any financing for vaccine would be over and above that amount," he said.

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The Philippine has tallied some 461,505 coronavirus infections as of Monday.

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