Japan lends P8.78 billion to Philippines for virus fight

The Japanese government will lend nearly 9 billion pesos to the Philippines for the country’s COVID-19 response.

The Japan International Cooperation Agency will release 8.78 billion pesos next month under the Post-Disaster Standby Loan Phase 2.

The agreement was entered into by JICA and the Department of Finance to facilitate the swift recovery of the Philippines after the onslaught of natural and health-related disasters.

The loan will help finance the government’s pandemic response measures including testing and quarantine facility expansion.

It will also be used for the social amelioration program for vulnerable sectors following the reimposition of lockdowns in Metro Manila and nearby provinces.

The loan package is already the third tranche of financial assistance by the Japanese government under the PDSL 2. The approval also follows the recent teleconference between President Duterte and Japanese Prime Minister Yoshihide Suga.

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