MANILA - The Philippines is borrowing 50 billion yen (around $470 million or P22.9 billion) from Japan to fund disaster management and quick response to the COVID-19 crisis, the Department of Foreign Affairs said on Tuesday.

The DFA said Foreign Affairs Secretary Teodoro Locsin Jr. and Japanese Ambassador Haneda Koji exchanged diplomatic notes in simple rites at the DFA office on Japan’s extension of 50-billion yen Post Disaster Standby Loan (PDSL) Phase II.

The loan facility is expected to help the Philippines better manage its vulnerability to natural disasters, to combat the COVID-19 pandemic, and to mitigate the adverse effects of these risks on the country’s economy, DFA said.

Last July, the Philippines and Japan also exchanged notes on the COVID-19 Crisis Response Emergency Support Loan (CCRESL), also in support of the Philippine efforts to address the pandemic.

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