Japan lends $1.4b to RP<\/p>\n
MANILA (AP): President Joseph Estrada Sunday said Japan has
\napproved a request from the Philippines for $1.4 billion in loans
\nto be obtained from a fund the Japanese government created to
\nhelp crisis-hit Asian countries.<\/p>\n
The loan's approval was finalized in a meeting between
\nPhilippine Finance Secretary Edgardo Espiritu and his Japanese
\ncounterpart, Kiichi Miyazawa, in Frankfurt on Friday, Estrada
\nsaid in a statement.<\/p>\n
The money is part of a total $7.9 billion in loans the
\nPhilippines is seeking to secure under the so-called Miyazawa
\nFund to finance 33 government projects.<\/p>\n
Miyazawa announced the $30 billion fund in October, which has
\nbeen earmarked for six Asian countries - Indonesia, Thailand, the
\nPhilippines, Malaysia and South Korea. Vietnam has since been
\nadded to the list.<\/p>\n
The first batch of loans approved by Japan are to be used for
\nsuch programs as reforming the Philippine banking system and
\nimproving air quality in metropolitan Manila, Estrada said.<\/p>\n
Philippine officials said they are considering a separate
\nrequest for money from the fund to help ailing national air
\ncarrier Philippine Airlines recover from massive financial
\nlosses.<\/p>\n
Miyazawa has assured the Philippines of more Japanese
\nfinancial support, including a separate loan facility from the
\nExport-Import Bank of Japan, Estrada said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/japan-lends-14b-to-rp-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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