The Department of Finance (DOF) is planning to seek 30 billion yen, approximately P13.35 billion, in additional loan from the Japanese government to help fund the country’s ongoing national vaccination program.
In a statement, the DOF said the planned 30 billion yen in additional financing support was discussed between the Philippines and Japan during the recent high-level joint committee meeting.
“The two sides discussed proposed additional financing support of 30 billion yen from Japan under the 2nd COVID-19 Crisis Response Support Loan (CCRESL 2) to help cover the funding for the Philippines’ ongoing national vaccination program,” the DOF said.
The additional loan being planned will follow the 50 billion yen loan deal signed between the DOF and the Japan International Cooperation Agency (JICA) in July last year.
The initial loan from JICA was used for the government’s efforts in containing the spread of the coronavirus pandemic and provide economic relief to Filipinos most affected by the global crisis last year.
Last Wednesday, Dominguez expressed confidence that Japan’s commitment to help the Philippines’ initiatives, particularly in infrastructure developmen, will stay beyond President Duterte’s term.
“Moving forward, we are confident that the Japanese government will continue to be a valuable partner in support of the Philippine government’s development objectives,” Dominguez said.
Dominguez wrote on Twitter that Mori Masafumi, the Special Advisor to Prime Minister Fumio Kishida has conveyed “Japan’s strong commitment to continuing its support to the Philippines' infrastructure development, COVID-19 response, and other development initiatives.
“Between our 1st meeting in 2017 and today, much has been started, achieved, and will be further continued,” Dominguez said. “I am confident that the commitment of Japan to partner with the Philippines in developing our economy is for the long term, as it has been in the past.”
Dominguez added that Japan is “a valuable partner” in the country's growth and development as well as economic recovery.
President Duterte will step down from office on June 30, 2022.
Japan is one of the largest investors of the country, accounting for about 12.7 percent of last year’s total approved investment pledges, data from the Philippine Statistics Authority showed.
Dominguez said the past six years of development cooperation between the Philippines and Japan “have been fruitful despite the challenges and inevitable delays brought by the pandemic and unforeseen natural disasters.”