PH secures P23.5B Japan loan for COVID-19

The Philippines secured a P23.5-billion loan from Japan, signed on July 1, to support the country's coronavirus response.

The highly concessional loan has a fixed interest rate of 0.01% and is payable over 15 years with a 4-year grace period.

It will be used by the Department of Health and National Economic and Development Authority from 2020 to 2021, covering budget expenditures made or about to be made for pandemic-related initiatives since April.

Finance Secretary Dominguez noted that the loan can be disbursed immediately once it takes effect in late July.