Japan has released the first tranche of the post-disaster loan to the Philippines amounting to ¥10 billion (Php 4.63B).

This forms part of the Japan International Cooperation Agency’s (JICA) ¥50 billion post-disaster loan allotment from Japan to the Philippines as per the agreement between the two countries.

“JICA disbursed ¥10 billion out of the ¥50-B Post-Disaster Standby Loan (PDSL) to the Philippines after its signing on Sep. 15. This 1st tranche release was triggered by the extension of the state of calamity, allowing the Philippines to draw budgetary support for its COVID-19 pandemic response,” Japanese Ambassador Koji Haneda said in a statement.

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The PDSL phase 2 was signed last September 15 as a quick-disbursing loan to ensure that contingency funds are available for the Philippines in times of natural disasters and public health crisis. The first phase of PDSL was provided immediately after the Typhoon Yolanda disaster in 2013.

JICA Chief Representative Azukizawa Eigo underscored that JICA “stands by the Filipinos in this time of Bayanihan to address public health challenges.”

The embassy, meanwhile, is optimistic the assistance would help spur a faster Philippine recovery in this time of the COVID-19 pandemic.

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