The Board of Investments (BOI) urges the incoming Congress to consider a bill that will ensure the Philippines’ self-reliance when it comes to pandemic response.
BOI managing head Ceferino Rodolfo said the Trade Related Aspects on Intellectual Property Rights (TRIPS) Waiver obtained at the recently concluded ministerial conference of the World Trade Organization is very important to for the Philippines’ Vaccine Self-Reliance Program.
However, the gains from the deal could only be realized if a Pandemic Protection Bill is passed into law which was filed in the previous Congress by Sen. Imee Marcos falong with Senators Francis Pangilinan, Ralph Recto, Ramon Revilla Jr., Rizza Hontiveros and Sonny Angara.
Rodolfo said the BOI had expressed full support to this bill as it covered provisions for stockpiling, preference for locally manufactured, and compliance with international standards.
“For the next Congress, we will also discuss with Sen. Marcos the possibility of including a provision on advance purchase commitment, subject to competitive pricing, as this has been raised by vaccine originators that we are in discussion with,” Rodolfo said.
WTO members agreed to implement a five -year intellectual property waiver for new coronavirus disease 2019 vaccines, including its ingredients and processes, and will examine a further extension to therapeutics in six months.
The Philippines will stand to benefit from more affordable vaccines produced domestically or through imports from countries that will utilize the vaccine technology to make generic equivalents.
