The Philippines secured from the Japanese government a 50-billion yen (P23.3-billion) standby loan that will be used in times of calamities or emergencies.

Finance Secretary Carlos Dominguez 3rd and Japan International Cooperation Agency (JICA) Chief Representative Eigo Azukizawa signed the agreement on the second phase of the Post-Disaster Standby Loan, or PDSL 2, in Manila.

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