Philippine President Rodrigo Duterte's monetary reward for Filipino scientists who could invent a vaccine to eradicate COVID-19 has been increased fivefold.

He declared the decision in a taped address to the country aired on Friday that he is raising the bounty to Php50 million (US$985,935) from the initial Php10 million (US$197,092).

The president called out the bright Filipinos who are working day and night in efforts to find out how to combat the novel coronavirus.

Duterte added that it could go higher and could even go as high as P100 million if the result is favorable to him.

Last week, he offered a Php10 million reward money to any Filipino who will develop a vaccine or drug for the coronavirus.

The statement was made announced shortly after the extension of the enhanced community quarantine (ECQ) in Metro Manila, the capital city of the Philippines, and other high-risk areas in the country.

According to the chief executive, upping the reward money would supposedly be an advantage to the Philippines' gifted scientists, who are wont to be working in groups, and will eventually divide the pot money.

"COVID-19 is a public enemy not only in the Philippines but in the entire world; the President announced he will give a reward of up to 10 million Philippine peso to any Filipino who will discover a vaccine against COVID-19," Presidential Spokesperson Harry Roque remarked at a news briefing.

The offer was announced at the time confirmed cases of the coronavirus in the Philippines rose to 6,599 on Tuesday.

The president acknowledged the intelligence of Filipino scientists in producing a vaccine is at par with western scientists and that it is just a matter of who develops a vaccine first. Also, he vowed to provide fund assistance to groups or individuals working to produce a vaccine for the coronavirus.

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Dozens of pharmaceutical firms globally are currently conducting research and trials for a possible vaccine against the coronavirus.

Experts from the Philippine Council for Health Research and Development (PCHRD) of the Department of Science and Technology (DOST) are now doing research for vaccine production, according to the Philippine Department of Health Secretary Francisco Duque III.

The president noted that only a vaccine could put an end to the coronavirus outbreak.

"COVID equals vaccine. Period," Duterte stated.

Duterte then called out the Filipino public to have patience in waiting for the lockdown to be lifted.

He said, "One thing I can assure you that we are just waiting for the right time. Tiisin muna natin (Let's endure it for the meantime). Ako nakikiusap sa inyo (I'm appealing to you) because we are trying to limit the contamination."

The number of confirmed coronavirus cases in the Philippines stands at 7,579 with 862 recoveries and 501 fatalities.

Back in March, the Philippine Department of Science and Technology said it was aiming to launch a trial which for the purpose of finding a COVID-19 vaccine or drug in the country.

The Philippines, cooperating with the World Health Organization, will soon evaluate which existing drugs can be repurposed as treatment to the respiratory disease.

Duterte provided the University of the Philippines-Philippine General Hospital (UP-PGH) a substantial funding for their vaccine development.

Experts have surmised that a coronavirus vaccine will take about 18 months to create.

Last week, Senator Panfilo Lacson called for Duterte to instead channel the reward money for research and development to eradicate the disease.

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