(Bloomberg) -- The Philippines on Monday started vaccinations against the coronavirus using Sinovac Biotech Ltd. doses donated by China, planning to further reopen the economy that suffered its worst slump last year. Stocks rose.
Health workers in government hospitals were the first to get the Sinovac jabs. “Let's not wait for the best vaccine. There's no such thing,” said Carlito Galvez, who leads the nation's vaccine procurement efforts. “The best vaccine is the one that's safe and effective, and arrives early.”
The Philippines' benchmark stock index rose as much as 1.2% Monday, the sharpest gain in two weeks. Tourism-related stocks like PAL Holdings Inc., owner of flag carrier Philippine Airlines, and Discovery World Corp., an owner of resorts in top tourist destinations, gained as government also eased local travel protocols.
“Even though the vaccine rollout is still limited, it's already spurring positive reaction,” Japhet Tantiangco, analyst at PhilStocks Financial Inc., said. “There's optimism that with the vaccine's arrival a looser restriction will be considered.”
The Philippines, which was placed under one of the world's severest and longest lockdowns a year ago, is among the last in the region to begin inoculations. Malaysia and Thailand started days before, while Singapore and Indonesia even earlier. It has the second-worst outbreak in Southeast Asia, with daily infections rising above 2,000 again to the highest since mid-October in the past days.
Philippines Clears Sinovac Shots, But Not for Health Workers
President Rodrigo Duterte on said Sunday he's considering further easing virus restrictions once the nation's vaccine stockpile reaches 2 million, and once shots reach the countryside. “Once I see that we have many vaccines, I will open everything,” he said.
The Philippines is expecting 1 million more doses ordered from Sinovac and 3.5 million from the COVAX Facility to arrive this month, Galvez said. Supply deals with Moderna Inc. and Johnson & Johnson are also being finalized, he added.
Almost half of Filipinos however are not inclined to get a Covid-19 vaccine mainly due to safety concerns, according to survey released January. Public trust in China has also been consistently low, even as Duterte built warm ties with Beijing.
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