The Japanese Embassy in Manila on Wednesday announced the disbursement of 10 billion yen, or about P4.63 billion of Japan’s total 50-billion-yen post-disaster loan to the Philippines.
“JICA disbursed 10 billion out of the 50-billion Post-Disaster Standby Loan to the Philippines after its signing on Sept. 15,” Japanese Ambassador Koji Haneda said in a statement.
“This 1st-tranche release was triggered by the extension of the state of calamity, allowing the Philippines to draw budgetary support for its COVID-19 pandemic response.”
The PDSL phase 2 was signed on Sept. 15 as a quick-disbursing loan to ensure that contingency funds are available to the Philippines in times of natural disasters and public health crisis.
The first phase of the PDSL was provided immediately after the Typhoon “Yolanda” disaster in 2013.
JICA Chief Representative Azukizawa Eigo said JICA “stands by the Filipinos in this time of Bayanihan to address public health challenges.”
The Japanese Embassy is optimistic the assistance will help spur a faster Philippine recovery from the pandemic.