Japan has committed to provide an P11-billion loan that the Philippines can use anytime to fund its various calamity response programs.
Foreign Affairs (DFA) Secretary Enrique Manalo and Japanese Ambassador to the Philippines Koshikawa Kazuhiko on Tuesday signed an exchange of notes to formalize the loan facility under Japan’s Official Development Assistance (ODA).
The initiative is the Post Disaster Stand-by Loan Phase 3 (PDSL 3).
According to the Japanese Embassy in Manila, PDSL 3 “seeks to support swift recovery in the aftermath of natural and health-related disasters, providing a quick-disbursing budgetary support for the Philippines’ calamity response programs.”
Kazuhiko said the move was the third PDSL to be provided for the Philippines.
“First in 2013 to support the recovery from Typhoon Yolanda, and then in 2020 for the COVID-19 pandemic response,” he said.
“With Typhoon Egay having attacked the Philippines just last month, it is evident that our countries are frequently exposed to natural disasters such as typhoons, earthquakes, and volcanic eruptions,” he added.