THE Government of Japan, through the Japan International Cooperation Agency (Jica), will release P10 billion to the Government of the Philippines this month under the Post-Disaster Stand-by Loan Phase 2 (PDSL 2).
Jica said the loan will finance the government’s pandemic response including testing and quarantine facility expansion as well as social amelioration program for vulnerable people and sectors.
The loan, Jica said, was needed after the reimposition of the Enhanced Community Quarantine (ECQ) in the NCR Plus last March 29.
“Upon the disbursement request of the GOP, the approval of this third tranche came as a result of the successful summit teleconference between Prime Minister Suga Yoshihide and President Rodrigo Roa Duterte held on May 19,” Jica said in a statement.
Since the PDSL 2’s signing on September 15, 2020, the GOJ has disbursed a total of P10 billion out of the P25-billion-yen loan agreement between Jica and the Department of Finance (DOF).
The PDSL aimed to facilitate the swift recovery of the Philippines after the onslaught of natural and health-related disasters.
The first tranche of the PDSL 2 worth P5 billion was made available on October 27, 2020 following the extension of the state of calamity in the country due to Covid-19.
The second tranche, also amounting to P5 billion, was issued on January 5, 2021 in light of the declaration of a state of calamity in Luzon due to Typhoons Quinta, Rolly, and Ulysses.