Japan provides post-cyclone, 110-million-dollar loan to Philippines

Manila - Japan is providing a 109.8-million-dollar loan to the Philippines to rebuild infrastructure damaged by two devastating cyclones last year, the government in Manila said Monday.

Philippine Foreign Secretary Alberto Romulo said he signed the loan agreement with Japanese Ambassador Makoto Katsura.

Romulo welcomed the aid, extended in response to the Philippines' request for help after the storms.

"This Japanese assistance package will provide much-needed funds for rehabilitating our physical structures and assets and improving their carrying and load capacity," he said.

"More importantly, this vital package helps us lay the foundations for our climate-proofing efforts," he said. "This is a vital task, given that typhoons and extreme weather events can only be expected to increase in intensity and frequency as a result of climate change."

Nearly 1,000 people were killed by floods, landslides and other accidents caused by Tropical Storms Ketsana and Parma in September and October.

Ketsana dumped one month's worth of rain in less than one day and caused the worst flooding in metropolitan Manila and nearby provinces in more than 40 years.

Many roads, bridges, power lines, homes and schools were damaged or destroyed by the two cyclones. Some communities in the northern Philippines are still difficult to reach because of the devastation.

Source: Earth Times.
Link: http://www.earthtimes.org/articles/show/320554,japan-provides-post-cyclone-110-million-dollar-loan-to-philippines.html.