Japan extends P14 Billion loan to Philippines

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Japan Philippines
Japan extends P14 Billion loan to Philippines in a new agreement

Pasay, 20 April 2022 (TDI): The Philippines and Japan have agreed to a P14 billion loan to help the former with COVID-19 immunization and recovery from the pandemic.

On Monday, the Filipina Undersecretary Lourdes Yparraguirre of the Department of Foreign Affairs (DFA) and Japanese Ambassador to the Philippines Koshikawa Kazuhiko signed and exchanged notes on the COVID-19 Crisis Response Emergency Support Loan Phase-2 (CCRESL Phase-2).

JAPAN-PHILIPPINES RELATIONS 

Japan and the Philippines have had cordial relations. Japan has lent support to the Philippines’ development priorities focusing on infrastructure, health, resources, agriculture, education, humanitarian assistance, and disaster relief.

2021 marked the 65th anniversary of the friendship between Japan and the Philippines.

Previously in 2015, The President of the Republic of the Philippines paid a state visit to Japan. The Prime minister of Japan and the President of the Philippines jointly declared the relationship between the two countries had entered a strategic partnership where the countries will cooperate for shared principles and goals in Asia pacific region.

The relations under the Japan-ASEAN partnership

Since the beginning of the diplomatic relations in 1956, both countries endorsed an action plan for strengthening the strategic partnership. Both countries enjoy a partnership under the umbrella of ASEAN like a regional comprehensive economic partnership (RCEP), ASEAN -Japan comprehensive economic partnership (AJCEP), AND (APEC) Asia pacific economic cooperation. Both countries endorse that quality human resources are essential for high-quality economic activities in the region. Being members of ASEAN, both countries want to implement a cooperation road map for quality infrastructure development in the transport sector in the metropolitan manila area.

Japan’s support to the Philippines during COVID 19: 

THE Covid 19 pandemic has adversely affected the Philippines’ economy. Lockdowns in 2020 in the second quarter resulted in the negative growth of the economy Japan contributed 1 billion USD to the Philippines government to contribute to the recovery of their economy and support their infrastructure development against the COVID 19.

Japan is the third-largest export country in 2020 and 2021 and the source of the second-largest import in 2020 and 2021. The Govt of Japan delivered 1.96 million doses of COVID 19 vaccine to the Philippines.  In addition, 1.12 million doses were provided by Japan last July.

And now the two countries have formally signed and initiated a loan facility of P14-billion to support the Philippines. Japan’s contribution in helping the Philippines with Covax serves as an integral part of the partnership between the two countries.

Japan already extended the Philippines emergency support of 50 billion yen in July 2020. The previous loan was sanctioned to help recover the economic adversities of COVID -19 and build public health and economic awareness against unpredictable emergencies and 30 billion yen for seeking and ensuring COVID 19 vaccination and economic recovery. Through CCRESL and post-disaster standby loan, Japan has extended a loan of over 3 million COVID-19 vaccine doses and medical equipment procurement, laboratory surveillance sites, technical assistance for cold chain development, and provision of Avigan tablet for COVID -19 treatment.

Japan has been maintaining its foreign relationships, with many countries and most of the world organizations being the eleventh most populous country in the world, densely populated and urbanized. Beyond its neighbors, Japan pursued a foreign policy recognizing its responsibility for economic growth.

Japan’s prime minister stressed a policy to build a hub of human resource development to create and promote peacebuilding which will ultimately bring peace in the region and secure Japan’s own security.

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