Philippines Exchanges Notes with Japan for ¥30-B Loan to Support COVID-19 Response

MANILA – Philippine Foreign Affairs Undersecretary for Multilateral Affairs and International Economic Relations Lourdes Yparraguirre and Japanese Ambassador to the Philippines Koshikawa Kazuhiko exchanged diplomatic notes on April 18 on Japan’s loan support for the Philippines’ emergency response to the novel coronavirus, as well as related social protection, relief and economic recovery stimulus measures.

The exchange of diplomatic notes confirmed the Japanese government’s 30-billion yen loan (approximately PhP13.333 billion) to support the Philippines’ pandemic and post-pandemic response.

“The COVID-19 Crisis Response Emergency Loan Support (CCRESL) Phase 2 augments an earlier loan package amounting to 50-billion yen signed last July 2020,” the DFA said in a news release.

It added that the latest loan package supports the country’s efforts to recover from the economic impacts of the pandemic, and building public health and economic resilience against such future emergencies.

Japan is the Philippines’ top ODA partner. - PR

(Photo courtesy of DFA-OPCD/Philip Fernandez)