Philippines secures P12.3B loan from Japan for COVID-19 recovery

The Philippine government secured a ¥30-billion (P12.3-billion) loan from Japan for COVID-19 recovery efforts.

Finance Secretary Carlos Dominguez III and JICA President Akihiko Tanaka signed the agreement on Monday, April 25, in Tokyo.

This is part of the second phase of the COVID-19 Crisis Response Emergency Support Loan (CCRESL 2), which carries a concessional lending rate of 0.01% annually with a repayment period of 15 years and a grace period of four years.

The loan will support the Philippines' vaccination efforts and healthcare system expansion to address future public health emergencies.