Finance Secretary Ralph Recto and Japan International Cooperation Agency Chief Representative Takema Sakamoto sign the financing agreement for Phase III of the Maritime Safety Capability Improvement Project for the Philippine Coast Guard on June 10, 2024.The Philippine government signed a 64.38-billion-yen loan agreement with the Japan International Cooperation Agency to finance the acquisition of new maritime vessels.
The loan carries an interest rate of 0.30 percent per annum for non-consulting services and 0.20 percent per annum for non-consulting services, to be repaid in 40 years, inclusive of a 10-year grace period. Recto said the vessels would better equip the PCG to fulfill its mission of protecting the country’s maritime sovereignty and defending the rights of Filipino fisherfolks.
“Going forward, Japan will steadily continue its support for the PCG’s capacity development. I sincerely hope that this project will further deepen the friendship and cooperative ties that Japan and the Philippines have built through the years,” Japan Ambassador to the Philippines Endo Kazuya said in his remarks.