Japan, Philippines Sign 30 Billion Yen Budget Support Loan

On April 18, 2022, Ambassador KOSHIKAWA Kazuhiko signed and exchanged notes with Department of Foreign Affairs Undersecretary Lourdes O. Yparraguirre to formalize the COVID-19 Crisis Response Emergency Support Loan Phase-2 (CCRESL Phase-2).
 
This 30 billion yen loan (approximately 14 billion pesos) seeks to support the Philippine government’s efforts in promoting COVID-19 vaccination and ensuring the steadfast economic recovery in the post-COVID-19 era by providing budgetary support. Under 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. 
 
The first CCRESL was provided to the Philippines in July 2020, and the Philippine government was the very first recipient of this highly concessional loan specifically designed by the Japanese government to address the global health crisis. CCRESL Phase-2 is the second loan support provided to the Philippines.
 
Japan has continuously provided comprehensive support to the Philippines since the COVID-19 pandemic. This support includes over 3 million vaccine donations, grant aid for the procurement of medical equipment and establishment of laboratory surveillance sites, technical assistance for cold chain development, provision of Avigan tablets for COVID-19 treatment, as well as big-ticket yen loan assistance through the COVID-19 Crisis Response Emergency Support Loan (CCRESL) and the Post-Disaster Standby Loan.
 
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