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PH, Japan ink P12.3 billion loan for COVID-19 response, recovery: DOF

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Finance Secretary Carlos Dominguez III and Mr. Akihiko Tanaka, the President of the Japan International Cooperation Agency (JICA), sign the agreement for a 30-billion yen loan under the second phase of the COVID-19 Crisis Response Emergency Support Loan (CCRESL 2) facility. Handout" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/tvpatrol/04/26/carlos-dominguez-iii.jpg"/><figcaption>Finance Secretary Carlos Dominguez III and Mr. Akihiko Tanaka, the President of the Japan International Cooperation Agency (JICA), sign the agreement for a 30-billion yen loan under the second phase of the COVID-19 Crisis Response Emergency Support Loan (CCRESL 2) facility. <em>Handout</em></figcaption></figure></div><p>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&#x27;s recovery from the COVID-19 pandemic, the Department of Finance said Tuesday.</p><p>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.</p><p>&quot;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,&quot; the DOF said.</p><p>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.</p><p>Aside from the recent support, Dominguez said JICA has supported President Rodrigo Duterte&#x27;s &quot;Build, Build, Build&quot; program and had also donated over 3 million AstraZeneca COVID-19 vaccines to the Philippines, he added.</p><p>“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. </p><p>The first phase, worth 50-billion yen, was signed by the 2 countries in July 2021, the DOF said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/03/13/how-japans-oda-helping-metro-manila">How Japan&#x27;s ODA is helping Metro Manila</a></li>	<li><a href="https://news.abs-cbn.com/business/04/26/22/dof-unveils-subic-bay-development-master-plan">DOF unveils Subic Bay regional development master plan</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe __idm_id__="15564801" allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2013118" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

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 pandemic.