Metro Manila (CNN Philippines, April 27) — Japan has granted the Philippines additional loan worth ₱12.3 billion, or 30 billion Japanese yen, to boost the former’s economic recovery from COVID-19.
In a statement on Tuesday, the Department of Finance said Finance Secretary Carlos Dominguez III and Akihiko Tanaka, the new president of the Japan International Cooperation Agency, signed the agreement for the second phase of the COVID-19 Crisis Response Emergency Support Loan on April 25 in Tokyo.
The new assistance has a concessional lending terms of 0.01% fixed interest rate per annum with a maturity period of 15 years, inclusive of a four-year grace period.
The agreement also recognizes Manila’s accomplishments and plans in immunizing its target population and expanding its healthcare system in preparation to health emergencies in the future, the DOF said.
The first phase of the loan worth 50 billion Japanese Yen was signed in July 2020 to help the Philippine government contain the coronavirus and provide relief to Filipinos hardest hit by the health crisis.
Dominguez thanked Japan for its continuing support for the Philippines, noting how it remains to be the latter’s biggest official development assistance provider.
“The term of President Duterte’s administration ends in June of this year. We have accomplished much in improving our economy’s fiscal position and growth prospects. We would not have done this without the timely assistance of the people and the government of Japan,” Dominguez said.
The Finance chief also recognized the more than 3 million doses of AstraZeneca COVID-19 vaccines donated by Tokyo to Manila to help boost the latter’s inoculation program.
