Philippines and Japan sign 14 billion peso loan to support COVID-19 response

DFA Under-Secretary of State for Multilateral Affairs and International Economic Relations Lourdes O. Yparraguirre (left) and Japanese Ambassador Koshikawa Kazuhiko (right) during the exchange of diplomatic notes on Monday, April 18, 2022 at the Ministry of Foreign Affairs. (Photo DFA-OPCD by Philip Fernandez)

MANILA, Philippines — The Philippines and Japan have formalized a 14 billion peso loan that will support Manila’s COVID-19 vaccination and economic recovery from the pandemic.

On Monday, Undersecretary Lourdes Yparraguirre of the Ministry of Foreign Affairs (FDFA) and Japanese Ambassador to the Philippines Koshikawa Kazuhiko signed and exchanged notes on the Emergency Support Loan for the Response to the COVID-19 Crisis Phase -2 (CCRESL Phase-2).

This is in addition to a package of previous loans from Japan amounting to 50 billion yen in July 2020.

“The latest set of loans supports the Philippines’ efforts to recover from the economic impacts of COVID-19 and build public health and economic resilience against such future emergencies,” the DFA said in a statement.

The new loan amounts to 30 billion yen (approximately 14 billion pesos) and “aims to support the Philippine government’s efforts to promote vaccination against COVID-19 and ensure steady economic recovery in the post-COVID era. -19 by providing budget support,” said the Japanese. the embassy said in a separate statement.

“Under highly concessional terms, the loan repayment period is set at 11 years after a grace period of 4 years, with a fixed interest rate of 0.01% per annum,” he added.

According to the embassy, ​​the first phase of the loan was granted to the Philippines in July 2020.

“The Philippine government was the very first beneficiary of this highly concessional loan specially designed by the Japanese government to address the global health crisis. CCRESL Phase-2 is the second loan support provided to the Philippines,” he added.

“Japan has continuously provided comprehensive support to the Philippines since the COVID-19 pandemic,” the embassy added.

In addition to “large yen loan assistance” through CCRESL and the post-disaster relief loan, the embassy said its support for the Philippines’ fight against the pandemic also includes donating more than 3 million doses of COVID-19 vaccine, support for the purchase of medical equipment and the establishment of laboratory monitoring sites, and technical assistance for the development of the cold chain as well as the supply of pills. ‘Avigan for the treatment of COVID-19.

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