{"id":114576,"date":"2021-02-26T16:22:23","date_gmt":"2021-02-26T16:22:23","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114576"},"modified":"2021-02-26T16:22:23","modified_gmt":"2021-02-26T16:22:23","slug":"philippines-duterte-signs-indemnity-bill-for-covid-19-vaccine-rollout","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/philippines-duterte-signs-indemnity-bill-for-covid-19-vaccine-rollout\/","title":{"rendered":"Philippines' Duterte signs indemnity bill for COVID-19 vaccine rollout"},"content":{"rendered":"
MANILA (Reuters) – Philippines President Rodrigo Duterte on Friday signed into law a bill that gives indemnity to vaccine makers if their COVID-19 shots cause adverse side-effects, days before the country starts its lagging inoculation programme.<\/p> Despite having one of the highest number of coronavirus infections in Asia, the Philippines will be the last Southeast Asian nation to receive its initial set of vaccines.<\/p>\n In a statement, the presidential office said the law would fast-track the purchase and administration of vaccines.<\/p>\n It covers the creation of a 500 million pesos ($10.26 million) indemnity fund to cover compensation for potential serious adverse effects stemming from the doses\u2019 emergency use.<\/p>\n COVID-19 vaccine manufacturers would be immune from lawsuits for claims arising from the administration of the shots.<\/p>\n The absence of an indemnification programme has delayed the delivery of 117,000 doses of the Pfizer-BioNTech vaccine, donated through the COVAX facility. The government had planned to use those doses to kick off a vaccination drive in mid-February.<\/p>\n The Philippines will take delivery of 600,000 doses of Sinovac Biotech\u2019s vaccines, donated by China, on Sunday, allowing the Southeast Asian country to start inoculating healthcare workers and soldiers.<\/p>\n The firebrand Philippine leader last week asked Congress to hasten the vaccination and indemnification bill.<\/p>\n The Philippines is negotiating supply agreements with seven manufacturers for 148 million doses of COVID-19 vaccines, so it can inoculate 70 million adults, or two-thirds of its more than<\/p>\n 108 million population.<\/p>\n After a record 9.5% economic slump in 2020, the Philippines is eager to start its inoculation programme to revive business and consumer confidence, and restore millions of lost jobs.<\/p>\n ($1 = 48.72 Philippine pesos)<\/p>\n