The Philippines' Food and Drug Administration (FDA) has approved AstraZeneca PLC's COVID-19 vaccine for emergency use, making it the second such vaccine to be approved in the Southeast Asian nation.

"It is decided that all conditions for an EUA (emergency use authorization) are present. The benefit of using the vaccine outweighs the known and potential risks," FDA Director General Eric Domingo said Thursday.

The vaccine, jointly developed with Oxford University, showed an average efficacy of 70 percent after receiving two required doses. 

The Philippines' FDA had previously approved the Pfizer/BioNTech coronavirus vaccine.

According to the latest Johns Hopkins University data, the Philippines has logged over 518,000 confirmed cases, and more than 10,000 people have lost their lives.

(With input from Reuters)