Japanese Ambassador Koji Haneda signed and exchanged notes with Foreign Affairs Secretary Teodoro Locsin Jr. to formalize the Post Disaster Stand-by Loan Phase 2 (PDSL 2) on September 15.
This 50 billion yen loan (approximately P24 billion) seeks to support quick recovery after natural and health-related disasters, by promoting policy actions on disaster preparedness and providing a quick-disbursing budgetary support for the Philippines’ calamity response. Under highly concessional terms, the loan’s repayment period is set to 30 years after a grace period of 10 years, with a fixed interest rate of 0.01 percent per annum.
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