Filipino business tycoon Manny V. Pangilinan is allotting P7.5 billion in investment for the national government’s planned vaccine plant, according to project proponent Glovax Biotech Corporation.
Glovax President Giovanni Alingog said they’ve already met with Pangilinan and have come to an understanding. He shares that Pangilinan is keen on supporting the Duterte administration’s plan, which is already in the late planning stage.
“MVP said in our zoom meeting yesterday that he is agreeing to support Glovax vaccine plant as a lasting support to the Filipinos and in support to Pres. Duterte in his fight against Covid,” Alingog told Manila Bulletin.
Alingog says Pangilinan has instructed them not to look for any other investor, mentioning that the Metro Pacific Investments Corporation’s chairman will be financing the vaccine plant all by himself.
“He is serious. He said to tell Pres. Duterte already that he is supporting our Glovax vaccine plant in support of the government’s effort against COVID and support to Pres. Duterte,” he shared.
Originally, Glovax partnered with technology company EuBiologics of Korea for the creation of the facility – with the latter promising funding of P5 billion and loans of P2 billion. Meanwhile, the National Development Corporation (NDC) – Board of Investments’ (BOI) investment arm – has put away P500 million for the project.
Alingog stated that they’ve already scheduled another meeting with BOI on, Friday, April 23 to discuss the memorandum of understanding with NDC. However, plans changed when they met Pangilinan – who volunteered to shoulder the plant’s expected budget of P7.5 billion.
The deal is expected to be finalized in two weeks, Alingog said.
The Department of Trade and Industry (DTI) says there are three other proponents for PH’s vaccine plant – Filipino-owned United Laboratories (Unilab), IG/IP Biotech, and Dr. Zen Biotech Inc.
According to DTI Secretary Ramon Lopez, Glovax expects the project to be finished by October 2022 and has chosen Clark – in Pampanga – as its location.
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