Japan Loans Philippines ¥50 Billion for COVID-19 Response

MANILA – Japan and the Philippines exchanged diplomatic notes Wednesday for the ¥50 billion loan assistance from the Japanese government to support the Philippines’ emergency response to the new coronavirus as well as related social protection, relief, and economic recovery stimulus measures.

Philippine Foreign Affairs Secretary Teodoro Locsin, Jr. and Japanese Ambassador to the Philippines Koji Haneda signed and exchanged notes at the Department of Foreign Affairs (DFA) concerning the COVID-19 Crisis Response Emergency Support Loan (CCRESL), which will be co-financed by the Asian Development Bank’s COVID-19 Active Response and Expenditure Support (CARES) Program as well as other development partners.

Japanese Foreign Minister Motegi Toshimitsu had personally affirmed Japan’s commitment to extending this assistance to Locsin in their telephone talk last May 22.

"The package is consistent with Japan’s pledge to assist the Philippines and the larger ASEAN region in recovering from the impacts of COVID-19, and building public health and economic resilience against future such emergencies," the DFA said in a statement.

Japan is the Philippines’ top Official Development Assistance (ODA) partner for decades. - Florenda Corpuz

(Photograph courtesy of Department of Foreign Affairs)