PH, Japan Exchange Notes on Loan Assistance Package for PH’s COVID-19 Response

Left to right: Deputy Assistant Secretary Myca M. Fischer, Assistant Secretary Nathaniel G. Imperial, DFA Undersecretary  for Multilateral Affairs and International Economic Relations Lourdes Yparraguirre, Ambassador Koshikawa Kazuhiko, and Embassy of Japan Second Secretary Tsuchikawa Daijo during the exchange of diplomatic notes today at the Department of Foreign Affairs. (DFA-OPCD Photo by Philip Fernandez)

PASAY 18 April 2022 – DFA Undersecretary for Multilateral Affairs and International Economic Relations Lourdes O. Yparraguirre and Japanese Ambassador Koshikawa Kazuhiko exchanged diplomatic notes today on the Japanese Government’s loan support for the Philippines’ emergency response to COVID-19, as well as related social protection, relief and economic recovery stimulus measures.

The exchange of diplomatic notes confirmed the Japanese government’s JPY 30-billion loan (approximately USD254.38 million or PhP13.333 billion) to support the Philippines’ pandemic and post-pandemic response. The COVID-19 Crisis Response Emergency Loan Support (CCRESL) Phase 2 augments an earlier loan package amounting to JPY 50-billion signed last July 2020. The latest loan package supports the Philippines’ efforts to recover from the economic impacts of COVID-19, and building public health and economic resilience against such future emergencies. 

Japan is the Philippines’ top ODA partner, with its long history of support for Philippine development priorities spanning infrastructure, health, human resources, agriculture, education, humanitarian assistance and disaster relief, among others. END

DFA Undersecretary for Multilateral Affairs and International Economic Relations Lourdes O. Yparraguirre (left) and Japanese Ambassador Koshikawa Kazuhiko (right) during the exchange of diplomatic notes today at the Department of Foreign Affairs. (DFA-OPCD Photo by Philip Fernandez)