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.