Japan Releases ₱4.7 Billion in Standby Loan Agreement to Philippines

Japan, through the Japan International Cooperation Agency (JICA), released ₱4.7 billion from its standby loan facility in order to support communities recently hit by typhoons.

Eigo Azukizawa, JICA Philippines Chief Representative, “Through the JICA post-disaster assistance, we hope that vulnerable sectors affected will find relief and support to recover their livelihood and income through the spirit of ‘bayanihan’ in these difficult times,”

“As partners for inclusive development, JICA is supporting the Philippines with available financial resources to mitigate the impact of natural disasters and health crises. We’re making it clear that we’re in this together and that JICA will support development partners who need our assistance,” Azukizawa added

The ¥50 billion (₱24 billion) loan, signed in September of 2020, carries an interest rate of 0.01%, maturing over 40 years, inclusive of a 10-year grace period.

Source: BusinessWorld