Exchange of Notes for Japanese ODA Loan for the Republic of the Philippines (“Post Ondoy and Pepeng Short-Term Infrastructure Rehabilitation Project”)
April 26, 2010
- The Government of Japan has decided to extend a Japanese ODA Loan of up to 9.912 billion JPY to the Republic of the Philippines. Notes to this effect were exchanged on April 26 (Mon) in Manila, the capital city of the Philippines, between Mr. Makoto Katsura, Ambassador of Japan to the Philippines, and Mr. Alberto G. Romulo, Secretary of Foreign Affairs of the Philippines.
- Typhoons Ondoy and Pepeng hit the Philippines in September and October 2009, causing enormous damage including 10 million victims and over 900 deceased. This Japanese ODA Loan (total amount up to 9.912 billion JPY) will carry out repairs and reinforcement of damaged overpass bridges that were partially destroyed or rendered impassable, as well as flood control facilities that were destroyed or eroded, on Luzon, Mindoro, and Palawan Islands where the damage is especially serious. This Japanese ODA Loan will contribute to restoring the living environment of the victimized citizens and help prevent further damage in the area struck by the disasters.
- This project contributes to counter-measures against intensifying natural disasters in developing countries vulnerable to the adverse impacts of climate change, and is carried out under the “Hatoyama Initiative”. Japan is aiming for the establishment of a fair and effective framework by all major countries, and agreement on their ambitious targets. Japan will continue cooperating with the Philippines in the field of climate change, including encouragement by Japan towards the association of the Philippines with the “Copenhagen Accord”.
- Terms and Conditions
(1) Interest: 0.01% per annum (condition for recoveries from disasters)
(2)Repayment period: 40 years (including a 10-year grace period)
(3)Procurement: General untied
The Republic of the Philippines covers a land area of 299,404 square kilometers and has a population of approximately 90.35 million people (World Bank, 2008). The Philippine’s Gross National Income (GNI) per capita is 1,890 USD (World Bank, 2008).
Back to Index