PH, Japan ink P12.3 billion loan for COVID-19 response, recovery: DOF

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Posted at Apr 26 2022 03:05 PM

Finance Secretary Carlos Dominguez III and Mr. Akihiko Tanaka, the President of the Japan International Cooperation Agency (JICA), sign the agreement for a 30-billion yen loan under the second phase of the COVID-19 Crisis Response Emergency Support Loan (CCRESL 2) facility. Handout
Finance Secretary Carlos Dominguez III and Mr. Akihiko Tanaka, the President of the Japan International Cooperation Agency (JICA), sign the agreement for a 30-billion yen loan under the second phase of the COVID-19 Crisis Response Emergency Support Loan (CCRESL 2) facility. Handout

MANILA - The Philippines and Japan signed a deal for a 30-billion yen (P12.3 billion or $234.36 million) loan support for the country's recovery from the COVID-19 pandemic, the Department of Finance said Tuesday.

Finance Secretary Carlos Dominguez III and Japan International Cooperation Agency (JICA) president Akihiko Tanaka signed the agreement for the second phase of the COVID-19 crisis response emergency support loan (CCRESL 2) at the JICA headquarters, the DOF said in a statement.

"The 2nd phase of the CCRESL was signed between the two countries in recognition of the Philippines’ accomplishments and plans in vaccinating its target population against COVID-19 and expanding the capability of its healthcare system to meet the challenges of possible public health emergencies in the future," the DOF said.

The loan has a concessional lending term of 0.01 percent fixed interest rate per annum with a maturity period of 15 years, inclusive of a 4-year grace period, the DOF said.

Aside from the recent support, Dominguez said JICA has supported President Rodrigo Duterte's "Build, Build, Build" program and had also donated over 3 million AstraZeneca COVID-19 vaccines to the Philippines, he added.

“The support continues with today’s signing of this 30 billion yen loan agreement to aid the Philippine government’s COVID-19 response measures. As we intensify our climate action projects, we hope to also secure additional financing for natural and health-related disaster response programs,” Dominguez said. 

The first phase, worth 50-billion yen, was signed by the 2 countries in July 2021, the DOF said.

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