JAPAN RELEASES THE THIRD TRANCHE OF POST-DISASTER STAND-BY LOAN PHASE 2
2021/5/19
The Government of Japan (GOJ), through the Japan International Cooperation Agency (JICA), is slated to release JPY 20 billion to the Government of the Philippines (GOP) in June 2021 under the Post-Disaster Stand-by Loan Phase 2 (PDSL 2). As general budgetary support, said loan is aimed at helping finance the GOP’s pandemic response measures, such as testing and quarantine facility expansion and social amelioration program for vulnerable people and sectors, with the re-imposition of the Enhanced Community Quarantine (ECQ) in the NCR Plus on March 29, 2021. Upon the disbursement request of the GOP, the approval of this third tranche came as a result of the successful summit teleconference between Prime Minister SUGA Yoshihide and President Rodrigo Roa Duterte held on May 19, 2021.
Since the PDSL 2’s signing on September 15, 2020, the GOJ has, so far, disbursed a total of JPY 20 billion out of the JPY 50 billion yen loan agreement (approximately PHP 24 billion pesos) entered into by JICA and the Department of Finance (DOF) to facilitate the swift recovery of the Philippines after the onslaught of natural and health-related disasters. The first tranche of the PDSL 2 worth JPY 10 billion was made available on October 27, 2020 following the extension of the state of calamity in the country due to COVID-19, while the second tranche also amounting to JPY 10 billion was issued on January 5, 2021 on account of the state of calamity declaration in Luzon due to Typhoons Quinta, Rolly, and Ulysses. The loan has a repayment period of 40 years including a grace period of 10 years, with a fixed interest rate of 0.01% per annum.
The Government of Japan values this opportunity to back the Philippines in its bid to win the fight against COVID-19 and hopes that the PDSL 2, along with other assistance from Japan, will be a big push to bring about the much-needed recovery from the pandemic.
For information on the previous disbursements of Japan's Post-Disaster Stand-By Loan Phase 2, please visit the links below.
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)
Since the PDSL 2’s signing on September 15, 2020, the GOJ has, so far, disbursed a total of JPY 20 billion out of the JPY 50 billion yen loan agreement (approximately PHP 24 billion pesos) entered into by JICA and the Department of Finance (DOF) to facilitate the swift recovery of the Philippines after the onslaught of natural and health-related disasters. The first tranche of the PDSL 2 worth JPY 10 billion was made available on October 27, 2020 following the extension of the state of calamity in the country due to COVID-19, while the second tranche also amounting to JPY 10 billion was issued on January 5, 2021 on account of the state of calamity declaration in Luzon due to Typhoons Quinta, Rolly, and Ulysses. The loan has a repayment period of 40 years including a grace period of 10 years, with a fixed interest rate of 0.01% per annum.
The Government of Japan values this opportunity to back the Philippines in its bid to win the fight against COVID-19 and hopes that the PDSL 2, along with other assistance from Japan, will be a big push to bring about the much-needed recovery from the pandemic.
For information on the previous disbursements of Japan's Post-Disaster Stand-By Loan Phase 2, please visit the links below.
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)