Connect with us

Hi, what are you looking for?


Japan releases second tranche of standby loan to Philippines

THE Japanese government, through its overseas development arm the Japan International Cooperation Agency (JICA), has released 10 billion yen (P4.7 billion) to the Philippines from its standby loan facility, with the proceeds intended to support recovery efforts for communities hit by recent typhoons.

In a statement Tuesday, JICA said the disbursement was the second tranche of the post-disaster standby loan 2 agreement with the Philippines. The previous tranche was also worth 10 billion yen, in support of the government’s pandemic response.

The 50-billion-yen standby loan agreement was signed in September.

JICA said the funds can be used on rehabilitation efforts for communities struck by the series of typhoons late last year.

“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,” JICA Philippines Chief Representative Eigo Azukizawa was quoted as saying.

The standby loan is designed as a rapidly-disbursing fund to accelerate the government response to calamities.

The loan can be tapped in tranches within three years, with the loan agreement extendable for another three years.

It charges an interest rate of 0.01%, maturing over 40 years, inclusive of a 10-year grace period.

“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,” Mr. Azukizawa said.

Aside from the standby loan, Manila in July 2020 obtained a 50-billion-yen loan from Tokyo for its pandemic response.

Japan remains the country’s top source of foreign aid with current grants and loans worth $10.082 billion as of June 2020.

JICA is the biggest bilateral aid agency in the world with total foreign aid of $14.08 billion in 2018. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



New research has revealed that funding into new UK businesses still weighs heavily in favour of male-led businesses – who receive 6.2 times more in...


(First of two parts) A week ago, on Thursday, March 23, World Athletics (WA), the international governing body of athletics, announced through its president,...


One study estimates that land-based lithium supplies will be depleted by 2080. And given the high demand now for lithium globally — to use...


Yesterday, Department of Finance (DoF) Secretary Benjamin E. Diokno held a press briefing with the Malacañang press corps and shared his presentations in a...


IN THIS AGE of “disintermediation,” even the barrier to conversations has been rendered passé. Mobile communications allow a caller to access his party without...


JIM O’NEILL, the former Goldman Sachs Group, Inc. chief economist who coined the acronym BRIC, said the bloc of nations that later adopted the...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.