Japan lends $1.3b to RP

Japan lends $1.3b to RP

TOKYO (Reuters): Japan on Tuesday extended a record 135.74 billion yen (US$1.33 billion) loan package to the Philippines.

The overseas development aid (ODA) package by the Japan Bank for International Cooperation aims to help speed up the country's recovery from the crippling 1997 Asian currency crisis.

It focuses on supporting small- and medium-sized businesses, and social and infrastructure development, the bank said.

Japan is the world's largest provider of ODA with around 90 percent of bilateral loans directed at Asian countries.