Signing of the Exchange of Notes for the Maritime Safety Capability Improvement Project for the Philippine Coast Guard (Phase III)

On 17 May 2024, Ambassador ENDO Kazuya, and Foreign Secretary Enrique A. Manalo signed the Exchange of Notes for the Maritime Safety Capability Improvement Project for the Philippine Coast Guard (Phase III).
 
The Maritime Safety Capability Improvement Project for the Philippine Coast Guard (Phase III) finances for the provision of an additional five (5) 97m class Multi-Role Response vessels to the Philippine Coast Guard. This follows PhaseI (signed on December 2013, JPY 18.7 billion, provision of ten (10) 44m class Multi-Role Response vessels) and PhaseII (signed on October 2016, JPY 16.5 billion, provision of two (2) 97m class Multi-Role Response vessels). The additional grant is expected to contribute to improving maritime safety in the Philippines by improving the capacity of the Philippine Coast Guard to efficiently conduct maritime rescue,  law enforcement and other operations.
 
[Terms and Conditions]
(1) Maximum Loan Amount: 64.3 billion yen
(2) Interest rate: 0.3% per annum (0.2% per annum for consulting services)
(3) Repayment period: 40 years (including a 10-year grace period).
 
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