The Philippines and Japan signed a loan agreement of the Post Disaster Stand-by Loan Phase 3 amounting to 30 billion
The Department of Finance said in a statement 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 DOF said earlier the Philippines might incur as much as P1.5 trillion in losses from natural disasters in the next five decades over the worsening impact of climate change. It said the Philippines has a 40-percent chance of incurring losses beyond P989 billion and a 20-percent chance of experiencing a loss of as much as P1.5 trillion in the next 50 years.
The Japanese government also expressed support for the Philippines’ goal of attaining an upper middle-income country status by 2025.
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