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Economy

13 Dec 2021

Philippines Secures $250 million loan from ADB for COVID-19 Vaccines

The Index Today

A statement on Monday from the Asian Development Bank (ADB) has approved almost $250 million loan for the Philippines to purchase COVID-19 vaccines. The ADB mentioned that the loan taken would allow the government to purchase 40 million more COVID-19 vaccine doses for eligible children and booster shots for all adults.

The Philippines is actually aiming to fully vaccinate at least 54 million people in the country, or nearly half of its 110 million population, before the year ends. To reach that mentioned target, the government plans to hold a second three-day mass vaccination campaign from Dec. 15. It has so far fully immunized 39.2 million as of Dec. 7.

New daily cases in the Philippines have already stayed below 1,000 since Nov. 24, a sharp decline from the more than 20,000 peak in late September that strained the fragile health system in the Southeast Asian archipelago, Reuters reported.

The Philippines' improving COVID-19 situation has allowed it to gradually reopen the economy and tentatively started face-to-face classroom classes.

©Photo: standard.co.uk

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