To support the Government of the Philippines for rapid procurement of eligible COVID-19 vaccines.
This project is proposed to be supported under AIIB’s COVID-19 Crisis Recovery Facility and co-financed with the Asian Development Bank (ADB) for the procurement of vaccines eligible under ADB’s Asia Pacific Vaccine Access Facility (APVAX) program. The project will provide critically needed vaccines to assist the Government of the Philippines in mitigating adverse health, social, and economic impacts caused by the COVID-19 pandemic.
The loan will be co-financed with ADB as the lead co-financier, and the project’s environmental and social (ES) risks and impacts have been assessed in accordance with ADB’s Safeguard Policy Statement (SPS). To ensure a harmonized approach to addressing the ES risks and impacts of the project, and as permitted under AIIB’s Environmental and Social Policy (ESP), ADB’s SPS will apply to the project in lieu of AIIB’s ESP. AIIB has reviewed ADB’s SPS and is satisfied that: (a) it is consistent with AIIB’s Articles of Agreement and materially consistent with the provisions of AIIB’s ESP, including the Environmental and Social Exclusion List and the relevant Environmental and Social Standards; and (b) the monitoring procedures that are in place are appropriate for the project.
Under its SPS, ADB has categorized the project as Category C for Environment, Involuntary Resettlement, and Indigenous Peoples on the basis that no adverse ES impacts are expected. The project has a draft confirmation that it will be categorized as “effective gender mainstreaming”, as it will expand social assistance for the poor and vulnerable with clear linkages to women’s welfare.
Mr. Mark Dennis Y.C. Joven
Undersecretary, Department of Finance
Dr. Mario C. Villaverde
Undersecretary, Department of Health