Ambassador Haneda witnesses the signing of 50 billion yen loan accord
Ambassador HANEDA Koji witnessed the signing of loan agreement for the COVID-19 Crisis Response Emergency Support Loan between Finance Secretary Carlos G. Dominguez III and JICA Philippines Chief Representative AZUKIZAWA Eigo that took place on July 1, 2020 at the Department of Finance (DOF).
During the signing ceremony, Ambassador Haneda delivered his remarks, citing that the Philippines is the very first recipient of this highly concessional loan specifically designed by the government of Japan to address the global COVID-19 crisis and that Japan is the first donor country to be able to offer such a loan to the Philippines. He also expressed his strong support for the key policies of the Duterte Administration and his hope that this loan will be instrumental in helping jump-start the Philippine economy and running a fast-paced recovery. Secretary Dominguez conveyed his deep appreciation for Japan's prompt contribution.
This 50 billion yen loan (approximately 24 billion pesos) aims to aid the Philippine government in curbing the spread of COVID-19 and bolstering its emergency response and economic stimulus in the form of budgetary support. Based on highly concessional terms, the loan’s repayment period is set to 11 years after a grace period of 4 years, with a fixed interest rate of 0.01% per annum. Co-financing the loan is the Asian Development Bank (ADB) through its COVID-19 Active Response and Expenditure Support (CARES) Program.
Japan and the Philippines have always pursued the “fast and sure” principle in implementing joint flagship projects. The Philippines is made a priority recipient of this yen loan in an unparalleled speed of policy consultation. #end