PHL secures P23-B standby loan from Japan

The Philippine government secured a P23-billion standby loan from Japan on Tuesday to bolster funding for post-disaster resilience and public health emergencies.

Finance Secretary Carlos Dominguez III signed the agreement with JICA Chief Representative Eigo Azukizawa, stipulating that funds will be released upon declaration of a state of calamity or public health emergency, including during the current COVID-19 pandemic.

The 40-year loan has a fixed interest rate of 0.01 percent and includes provisions for disbursement in case of natural disasters or health crises, such as the imposition of enhanced community quarantine.