Japanese Financial Support to the Philippines
Under the Framework of the "NewMiyazawa Initiative"
January 15 , 1999
The Finance Minister, Mr, Kiichi Miyazawa, indicated to the Secretary of Finance of the Philippines, Mr. Edgardo B. Espiritu, that the Government of Japan was positively considering to extend 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 restructuring the economy.
This support to the Philippines amounts to the Yen equivalent to U.S.$ 1,400 Million in total (the list of indicated loans attached as APPENDIX).This financial support is the first step in supports to be extended under the framework of the "New Miyazawa Initiative" in response to the requests from the Philippines. The Government of Japan will continuously look into its further financial needs and consider appropriate support including JEXIMs guarantee facility.
The Government of Japan hopes that the support will help the Philippines to overcome current economic difficulties and that the Philippine economy will return to a stable growth path as quickly as possible.
[APPENDIX]
Medium- to Long- Term FinancialSupport to the Philippines
|