PH Calls for Equal Distribution of COVAX

The Philippines stands its call for equitable distribution of COVID-19 Vaccines (COVAX) to ensure that developing countries can have fair access and help recover from this pandemic.

In the 54th Asian Development Bank (ADB) annual meeting, Finance Secretary Carlos Dominguez III said in its Country Statement that the pandemic showed the disparity between countries in their efforts during the pandemic especially the allocation of the vaccines.

Dominguez added that developing countries such as the Philippines have difficulty acquiring COVAX compared to developed countries.

“It is only through the just and equitable distribution of vaccines can the world achieve a safer recovery from this pandemic. The Philippines, therefore, supports the strong call for developed countries, multilateral institutions, and global organizations to join forces in ensuring the accessibility of these life-saving doses to lower-income economies,” Dominguez said.

Carlos Dominguez III is also the governor for the Philippines in the ADB Board.

Moreover, ADB’s role will be critical for this effort to help its members financially to help them innoculate more vaccines to help developing countries recover as fast as developed countries and return to their pre-Covid levels of growth.

With the help of ADB, developing countries could use more resources to improve their healthcare systems, create more rigid systems against new diseases in the future, help in the recovery of severely affected sectors, invest in infrastructure and human capital growth.

Dominguez also added that developing countries should also adapt to the new circumstances brought about by the pandemic.

He said that utilizing digital technologies would greatly and invest in renewable clean energy to address climate change and ensure a sustainable recovery.

“In order to assist developing countries to meet new challenges, the Asian Development Bank must level up. Specifically, there is a need for the bank to seriously consider a substantial expansion in its loan portfolio in the next five-year period to support its member-countries recovery, even if this brings forward the need for a capital increase,” he said. (ASC)