The Japanese government, through the Japan International Cooperation Agency (JICA), has released a JPY10 billion Post Disaster Standby Loan (PDSL) to the Philippines to help the country step up its efforts against the COVID-19 (coronavirus disease 2019) pandemic.
According to JICA, the latest disbursement is the second phase of the standby loan requested by the Philippines to address financial needs arising from the State of National Calamity extended on September 16, 2020.
It is part of the total JPY50 billion loan as contingency fund in cases of natural disasters and public health crisis.
Phase 1 was released immediately after Typhoon Yolanda in 2013, while Phase 2 covers public health crisis.
Earlier this year, JICA also made the disbursement of 50 billion Japanese Yen under the COVID-19 Crisis Response Emergency Support Loan (CCRESL) to immediately help the Philippines deal with the pandemic.
Although many of JICA’s counterpart countries have requested CCRESL and PDSL amid the pandemic, the Philippines was the first country to receive both loans.
“JICA stands with the Filipinos in this time of Bayanihan. We admire the tireless efforts and the leadership shown by the Philippine Government to tackle the unprecedented challenges posed by the spread of COVID-19,” JICA Philippines Chief Representative Eigo Azukizawa said in a statement.