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Japan provides $ 464 million in credit for Philippines’ COVID-19 response

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MANILA, July 1 (Reuters) – Japan will lend 50 billion yen ($ 464 million) to the Philippine government to help with emergency measures to combat the coronavirus outbreak, its embassy said on Wednesday. first of its kind for Japan.

With 37,514 cases of coronavirus and 1,266 deaths, the Philippines has the fourth highest number of infections in East Asia, more than half of which have come in the past 30 days as restrictions were eased to save a flag economy.

The Philippines is the first recipient of the highly concessional loan of the Emergency Relief Consumption, created by Japan to help alleviate the global health crisis.

The loan, co-financed by the Asian Development Bank (ADB), adds a 2 billion Japanese yen grant that aims to provide Philippine hospitals and institutions with advanced medical equipment.

The Philippine government has raised $ 4.83 billion in concession loans for its COVID-19 response from ADB, the World Bank, the Asian Infrastructure Investment Bank and the Franaise de Dveloppement Agency, according to the finance ministry. (1 $ = 107,6700 jen)

Report by Enrico Dela Cruz; Edited by Martin Petty

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