Japan provides 50-B yen post-Covid-19 loan to PH

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Philippines and Japan

METRO MANILA – The Philippines and Japan signed an agreement on Tuesday for a 50-billion yen (P23 billion), which the Palace can use to spend on post-disaster response efforts not only during natural calamities but also disease outbreaks.

Foreign Affairs Secretary Teodoro Locsin Jr. and Japanese Ambassador Koji Haneda met yesterday to formally finalize the Post Disaster Stand-by Loan Phase 2.

The loan aim to help the country to better manage emergencies such as natural disasters as well as mitigate the effects of the risks on the country’s economy brought upon by the Covid-19 pandemic.

Japanese Ambassador Koji Haneda said that the loan’s repayment period is set at 30 years with the grace period of 10 years. It will have a fixed interest rate of 0.01/annum

He further added that the 50B-yen fund will be the most significant assistance of Japan to the country since the onset of Covid-19 together with another 50B yen loan in July.

This loan will be the second support package given by Japan in the country’s post Covid-19 recovery efforts.

Earlier this year, Japan also approved an assistance package comprising 2-billion yen grant aid for the acquisition of medical equipment supplies and laboratory surveillance sites and another 50-billion yen support for the COVID-19 Crisis Response Emergency Support Loan. The Japanese Embassy said that it is committed to the needs of the Philippines in their fight against the Covid-19 pandemic and will continue to support as the country beef up its disaster risk management efforts to achieved faster economic recovery.

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