PH gets $100M loan from Japan


Posted at Oct 11 2012 03:18 PM | Updated as of Oct 11 2012 11:18 PM

MANILA, Philippines - The government has received a $100 million loan from the Japanese government to help develop the investment climate. 

Finance Secretary Cesar V. Purisima signed the loan agreement with Japan International Cooperation Agency (JICA) president Akihiro Tanaka at the sidelines of the World Bank-International Monetary Fund Annual Meeting in Tokyo. 

The loan aims to strengthen the country's domestic policy in employment facilitation, improving competitiveness and creating of an enabling environment for public-private partnership infrastructure.

The loan carries an interest rate of 1.4% per annum, with 30 years inclusive of 10 years grace period.

To date, Japan continues to be the Philippines' top source of official development assistance.