The Philippines and Japan signed an agreement for the Post Disaster Stand-by Loan Phase 3 amounting to 30 billion yen
The Department of Finance said in a statement Tuesday the agreement signing took place Monday following the 14th Philippines-Japan High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation held in Tokyo.
The Japanese loan seeks to support swift recovery after natural disasters by promoting policy actions on disaster risk reduction and management and strengthening disaster preparedness by providing quick-disbursing budget support. Both countries discussed available financing options once the Philippines enters the upper middle-income country status by 2025. These include new frameworks such as the “private capital mobilization-type” grant that attracts investment and the “offer-type” that proposes a menu of cooperation that takes advantage of Japan’s strengths.
Japan is the Philippines’ largest official development assistance provider of loan and grant commitments, amounting to around $12.92 billion, or about 40.5 percent of the country’s total ODA portfolio.
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