PH & JICA sign JPY 30 billion soft loan for disaster resilience
The Government of the Philippines and Japan International Cooperation Agency (JICA) signed yesterday in Tokyo the JPY 30 billion Post-Disaster Standby Loan (PDSL) Phase 3 to promote quick recovery and strengthen preparedness in times of disasters.
The cooperation covers funds following emergencies so that recovery and reconstruction will be faster.
The Philippines is located at the Pacific Ring of Fire making it vulnerable to natural disasters and other emergencies. On average, about 20 typhoons hit the Philippines every year, global disaster data showed.
“JICA continues to support the Philippines in its disaster risk reduction and management efforts, and the PDSL will help boost resilience in times of disasters. We are living in the same disaster-prone countries, and we can support each other as close partners,” said JICA Chief Representative SAKAMOTO Takema. “The ties between Japan and the Philippines will remain stronger than brothers, especially in times of need.”
Present during the signing were Department of Finance Secretary Benjamin Diokno, JICA Senior Vice President NAKAZAWA Keiichiro, and Special Advisor to the Prime Minister of Japan MORI Masafumi, among others.
It can be recalled that the Philippines also received JPY 50 billion from JICA to help mitigate and manage recovery from disasters including infectious diseases in 2020 under PDSL Phase 2. The first phase of JPY 50 billion contributed to the recovery and rehabilitation from Typhoon Yolanda in 2013.
JICA further adds that the recent PDSL will contribute to efforts towards various Sustainable Development Goals (SDGs), such as Goal 9- Industry, Innovation and Infrastructure as well as Goal 11-Sustainable Cities and Communities, and Goal 13-Climate Action.
“We stand by the Philippines when disaster happens as seen in our track record in the Typhoon Yolanda recovery, Bohol earthquake, and Covid-19 pandemic to cite a few. We provide not just hard measures including emergency goods, but we also complement it with soft measures such as capacity development. Kasama niyo kami!” added SAKAMOTO.
The Philippines is the largest recipient of JICA programs in Southeast Asia amounting to JPY 418 billion in JFY2022.