Finance Secretary Carlos Dominguez, on behalf of the Philippine Government, and Japan International Cooperation Agency (JICA) Chief Representative Eigo Azukizawa, on behalf of the Government of Japan, signed the JPY 50 billion (P23.3 billion) Post-Disaster Stand-by Loan (PDSL) Phase 2 on Tuesday (September 15) at the Department of Finance (DOF) Building in Roxas Blvd. Manila.
The PDSL 2 aims to quickly disburse Japanese funding support to the Duterte administration’s post-disaster response efforts in the event of a national calamity or health emergency.
Under this agreement, the disbursement of the standby loan to the Philippines will be triggered by either of the following circumstances: 1) the declaration of a state of calamity; or 2) the declaration of a state of public health emergency.
In the case of the current COVID-19 pandemic or any other public health emergency, the imposition of an enhanced community quarantine (ECQ) or its equivalent in the National Capital Region (NCR) or in any other highly urbanized area in the country will also trigger the disbursement of the loan.