Photo credit: dof.gov.ph
The JP¥50-billion COVID-19 Crisis Response Emergency Support Loan (CCRESL) was the quickest ever secured under Japan's Official Development Assistance (ODA) financing package.
The loan grant was signed by Finance Secretary Carlos Dominguez III, on behalf of the Philippines, and Japan International Cooperation Agency (JICA) Chief Representative Eigo Azukizawa, representing the government of Japan, in Manila.
According to Finance Secretary Carlos Dominguez III, the quick processing of the loan deal was due to the Philippines urgent need for budgetary support to address the COVID-19 emergency. The loan will also help cover the budget expenditures already made or about to be made by the government.
The CCRESL was approved by the Development Budget Coordination Committee (DBCC) last June 10 and was processed by the approving authorities of both countries in only 14 working days.
Dominguez expressed the Philippines hearthfelt gratitude to the people and Government of Japan for their support during this pandemic.
“I am sure we shall soon prevail over this emergency. We will return to our growth path and recover our economic momentum. What will be unchanged is the deep friendship and cooperation between our two countries,” the Finance chief added.
The loan proceeds will automatically be available for withdrawal once the loan is declared effective, which is expected in the last week of July.
JICA Philippines chief representative Eigo Azukizawa said that the emergency support loan would complement the other projects in the Philippines to help boost the economy by providing jobs to many Filipinos, including the recent agreements for the Cebu Mactan 4th Bridge and Davao City Bypass Road infrastructure projects in support of the Build Build Build program.
Philippines' loan for COVID-19 response support from Japan signed
Reviewed by Issues PH
on
July 02, 2020
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Reviewed by Issues PH
on
July 02, 2020
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