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Manila Bulletin devider Business devider DOF, JICA seal post-disaster stand-by loan

DOF, JICA seal post-disaster stand-by loan

Published Aug 29, 2023 04:38 am

At A Glance

  • The Department of Finance (DOF) and the Japan International Cooperation Agency (JICA) have signed a loan agreement worth 40 billion Japanese yen.<br>The loan aims to support the Philippines in times of disasters and health emergencies.<br>Japan is the largest provider of Official Development Assistance (ODA) to the Philippines, contributing around $12.92 billion or about 40.5 percent of the country's total ODA portfolio.<br>JICA is currently supporting the implementation of 28 ongoing loans with the Philippine Government.<br>The Philippines will continue to secure concessional terms and conditions through JICA's Special Terms for Economic Partnership (STEP).<br>The Japanese Government has financed key railway projects in the Philippines, including the North-South Commuter Railway Project (NSCR), NSCR Extension Project, and the Metro Rail Transit (MRT) Line 3 Rehabilitation Project.

The Department of Finance (DOF) and the Japan International Cooperation Agency (JICA) have sealed a loan agreement to assist the Philippines during disasters and health emergencies.

In a statement, the DOF said Finance Secretary Benjamin E. Diokno and JICA Senior Vice President Nakazawa Keiichiro have officially signed a loan agreement worth 40 billion Japanese yen. 

This loan, known as the Post Disaster Stand-by Loan (PDSL) Phase 3, aims to provide support for the Philippines in quickly recovering from natural disasters.

It will be utilized to implement policies focused on Disaster Risk Reduction and Management Services, as well as to strengthen disaster preparedness through the provision of prompt budget support.

Japan is the biggest provider of official development assistance (ODA) to the Philippines, contributing around $12.92 billion or about 40.5 percent of the country's total portfolio. 

Currently, JICA is supporting the Philippine government with 28 ongoing loans.

Diokno, meanwhile, expressed the Philippines' commitment to continue securing concessional terms and conditions through JICA's special terms for economic partnership. 

This approach aims to maximize the benefits of Japanese firms' advanced technologies and expertise, thereby increasing the visibility and impact of Japanese ODA in recipient countries.

Diokno also extended his appreciation to the Japanese government for financing crucial railway initiatives with a total value of around 394.4 billion Japanese yen. 

These projects include the North-South Commuter Railway Project (NSCR), NSCR Extension Project, and the Metro Rail Transit (MRT) Line 3 Rehabilitation Project.

Manila and Tokyo also discussed the opportunity for the Japanese government to gain insights into the Philippines' assistance requirements as it strives to achieve Upper Middle-Income Country (UMIC) status.

“We are grateful for Prime Minister Kishida’s commitment to support the Philippines’ pursuit of the upper middle-income country status through impactful ODA and private-sector investments,” Diokno said.

Both countries then discussed available financing options once the Philippines enters UMIC status by 2025.

These include new frameworks such as the "private capital mobilization-type" grant that attracts investment and the "offer-type" that proposes a menu of cooperation that takes advantage of Japan's strengths.

Related Tags

Department of Finance (DOF) Japan International Cooperation Agency (JICA) Finance Secretary Benjamin E. Diokno
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