JAPAN’S QUICK-DISBURSING BUDGETARY SUPPORT TO THE PHILIPPINES ARRIVES
2021/6/8
The Government of the Philippines (GOP) received on June 8 the JPY 20-billion budgetary support pledged by the Government of Japan (GOJ), through the Japan International Cooperation Agency (JICA), less than a month after Prime Minister SUGA Yoshihide greenlighted another tranche of the Post-Disaster Standby Loan Phase 2 (PDSL 2) during a summit teleconference with President Rodrigo Duterte last May 19.
This third and latest disbursement under the PDSL 2 is intended to further augment the GOP’s COVID-19 war chest, especially now that the Philippines continues to show signs of recovery following the lifting of the Enhanced Community Quarantine (ECQ) in the NCR Plus reimposed on March 29.
Signed on September 15, 2020, the PDSL 2 is a contingency fund that entitles the GOP to withdraw up to JPY 50 billion worth of loans to help finance its response measures in the aftermath of natural and health-related disasters. To date, the GOJ has infused a total of JPY 40 billion into the GOP coffers, with the first tranche amounting to JPY 10 billion disbursed in October 2020 to boost the GOP’s pandemic response and the second tranche also worth JPY 10 billion released in January 2021 to facilitate a faster recovery from Typhoons Quinta, Rolly and Ulysses.
The PDSL 2 forms part of the GOJ’s comprehensive assistance to the GOP in this time of the pandemic. Aside from the PDSL 2, Japan provided the Philippines a JPY 50-billion financing under the COVID-19 Crisis Response Emergency Support Loan (CRESL) in July last year. Along with these two loan accords, Japan further expressed its solidarity with the Philippines through a JPY 2-billion grant aid for the procurement of medical equipment and establishment of laboratory surveillance sites, as well as the recently announced JPY 1 billion worth of grant assistance for cold chain development in the Philippines.
For information on Japan-Philippines Summit Telephone Talk and the previous disbursements of Japan's Post-Disaster Stand-By Loan Phase 2, please visit the links below.
Japan-Philippines Summit Telephone Talk | Ministry of Foreign Affairs of Japan
Japan, Philippines Sign 50 Billion Yen Contingency Fund | Embassy of Japan in the Philippines (emb-japan.go.jp)
JICA's Post Disaster Standby Loan Phase 2 released to step up Philippine recovery efforts against pandemic | Philippines | Countries & Regions | JICA
Second Tranche Disbursement of the Post-Disaster Stand-by Loan Phase 2 | Embassy of Japan in the Philippines (emb-japan.go.jp)
This third and latest disbursement under the PDSL 2 is intended to further augment the GOP’s COVID-19 war chest, especially now that the Philippines continues to show signs of recovery following the lifting of the Enhanced Community Quarantine (ECQ) in the NCR Plus reimposed on March 29.
Signed on September 15, 2020, the PDSL 2 is a contingency fund that entitles the GOP to withdraw up to JPY 50 billion worth of loans to help finance its response measures in the aftermath of natural and health-related disasters. To date, the GOJ has infused a total of JPY 40 billion into the GOP coffers, with the first tranche amounting to JPY 10 billion disbursed in October 2020 to boost the GOP’s pandemic response and the second tranche also worth JPY 10 billion released in January 2021 to facilitate a faster recovery from Typhoons Quinta, Rolly and Ulysses.
The PDSL 2 forms part of the GOJ’s comprehensive assistance to the GOP in this time of the pandemic. Aside from the PDSL 2, Japan provided the Philippines a JPY 50-billion financing under the COVID-19 Crisis Response Emergency Support Loan (CRESL) in July last year. Along with these two loan accords, Japan further expressed its solidarity with the Philippines through a JPY 2-billion grant aid for the procurement of medical equipment and establishment of laboratory surveillance sites, as well as the recently announced JPY 1 billion worth of grant assistance for cold chain development in the Philippines.
For information on Japan-Philippines Summit Telephone Talk and the previous disbursements of Japan's Post-Disaster Stand-By Loan Phase 2, please visit the links below.
Japan-Philippines Summit Telephone Talk | Ministry of Foreign Affairs of Japan
Japan, Philippines Sign 50 Billion Yen Contingency Fund | Embassy of Japan in the Philippines (emb-japan.go.jp)
JICA's Post Disaster Standby Loan Phase 2 released to step up Philippine recovery efforts against pandemic | Philippines | Countries & Regions | JICA
Second Tranche Disbursement of the Post-Disaster Stand-by Loan Phase 2 | Embassy of Japan in the Philippines (emb-japan.go.jp)