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Japanese financial Support to Philippines Under the Framework of the ''New Miyazawa Initiative''

Japanese Financial Support to thePhilippines

Under the Framework of the "New Miyazawa Initiative"

March 25 , 1999

  1.      We indicated to the Government of the Philippines that the Government of Japan would extend our financial support to the Philippines under the framework of "A New Initiative to Overcome the Asian Currency Crisis - New Miyazawa Initiative-" to assist its efforts in overcoming its current economic difficulties.
         The support to the Philippines amounts approximately to the Yen equivalent of U.S.$1.6 Billion in total.(the list of indicated financial supports attached as APPENDIX)

  2.      The financial support will be medium- to long-term financial support extended under this initiative in response to the requests from the Government of the Philippines. The Government of Japan will continuously look into its further needs and consider appropriate support if necessary.

  3.      The Government of Japan hopes that this support will help the Philippines to overcome its current economic difficulties and that its economy will return to a stable growth path as quickly as possible.

[APPENDIX]

Medium- to Long- Term FinancialSupport to the Philippines

 

[The Export-Import Bank of Japan(JEXIM)]

        Guarantees for the publicsector entities in the Power Sector
                                                  : U.S.$ 500 Million equivalent

[The Overseas Economic Cooperation Fund(OECF)]

        Official Development AssistanceYen-Loan (13 Projects)
                                                  : Around U.S.$ 1.1 Billion equivalent (135.7 Billion yen)

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