RP to get $2.7b in new loan

RP to get $2.7b in new loan

TOKYO (Reuters): Japan will pledge fresh loans worth around $2.75 billion to the Philippines this week, a Foreign Ministry spokeswoman said on Wednesday.

She quoted Foreign Minister Masahiko Komura as saying Japan would announce at the consultative group meeting for the Philippines on Wednesday and Thursday new loans worth $1.6 billion to be extended through the Export-Import Bank of Japan.

In addition, at the same meeting, Japan would pledge another 135 billion yen ($1.15 billion) in loans to the Southeast Asian country, the spokeswoman said.

Those loans will be made in addition to a previously promised 36.3 billion yen in yen loans and 14.5 billion yen in grants and technical assistance, the spokeswoman added.