The Japanese embassy in Manila has disbursed 10 billion yen or about P4.63 billion of Japan’s total 50-billion yen post-disaster loan to the Philippines.
In a statement, Japanese Ambassador Koji Haneda said “JICA disbursed ¥10 billion out of the ¥50-B Post-Disaster Standby Loan (PDSL) to the Philippines after the signing on September 15 of the loan agreement.” The first tranche release was triggered by the extension of the state of calamity, allowing the Philippines to draw budgetary support for its Covid-19 pandemic response,” he added.
The PDSL phase 2 was signed last September 15 as a quick-disbursing loan to ensure that contingency funds are available for the Philippines in times of natural disasters and public health crisis.
The first phase of PDSL was provided immediately after the Typhoon Yolanda disaster in 2013. JICA Chief Representative Azukizawa Eigo assured that JICA “stands by the Filipinos in this time of Bayanihan to address public health challenges.”
Ambassador Haneda and JICA Rep. Eigo have expressed optimism the Japanese assistance would help spur a faster Philippine recovery from the Covid-19 pandemic.