Philippines, Japan exchange notes on loan assistance package for COVID-19 response
Foreign Affairs Undersecretary for Multilateral Affairs and International Economic Relations Lourdes Yparraguirre and Japanese Ambassador Koshikawa Kazuhiko exchanged diplomatic notes Monday on the Japanese Government’s loan support for the Philippines’ emergency response to COVID-19, 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 $254.38 million or P13.333 billion) to support the Philippines’ pandemic and post-pandemic response.
The COVID-19 Crisis Response Emergency Loan Support (CCRESL) Phase 2augments an earlier loan package amounting to 50 billion yen signed last July 2020. The latest loan package supports the Philippines’ efforts to recover from the economic impacts of COVID-19, and building public health and economic resilience against such future emergencies.
Japan is the Philippines’ top ODA partner, with its long history of support for Philippine development priorities spanning infrastructure, health, human resources, agriculture, education, humanitarian assistance and disaster relief, among others. OPCD-Media and Public Affairs Division
