Japan to loan Philippines additional P13.3B for pandemic response, recovery
MANILA, Philippines — The Philippines has exchanged diplomatic notes on a loan assistance package from Japan to fund Manila’s pandemic response and other economic relief programs.
Multilateral Affairs and International Economic Relations Undersecretary Lourdes O. Yparraguirre and Japanese Ambassador Koshikawa Kazuhiko exchanged notes on the second phase of the COVID-19 Crisis Response Emergency Loan Support on Monday at the Department of Foreign Affairs.
“The exchange of diplomatic notes confirmed the Japanese government’s JPY 30-billion ($254.38 million of P13.33 billion) loan to support the Philippines’ pandemic and post-pandemic response,” the Department of Foreign Affairs said in a statement.
To recall, Japan earlier loaned the Philippines a JPY50-billion (P23.5 billion) package to help the Philippine government with its pandemic response program.
The second phase of the loan package will be used for the country’s economic stimulus measures on top of its COVID-19 response program.
The DFA noted that Japan is the country’s top official development assistance partner after backing a number of its development priorities that include infrastructure, health, agriculture, education, humanitarian assistance and disaster relief programs, among others. — Kaycee Valmonte
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