(1) Announcement by the Board of Information
At the request of the Republic of the Philippines, the Japanese Government have, with a view to promoting the economic relations between the two countries, decided to extend a credit of ¥200,000,000 to the Government of the Republic of the Philippines through the Bank of Japan and an agreement concerning the matter has been signed on October 11 between the Governor of the Bank of Japan, Viscount Keizo Shibusawa, and the Philippine Ambassador to Japan, Mr. Jorge B. Vargas.
(2) President Laurel's Statement
The Government of the Republic of the Philippines has received a credit amounting to ¥200,000,000 from the Imperial Government of Japan. It is clear that this credit is for meeting the urgent necessity which the Philippines feels in its efforts to stabilize its finances and to bring to prosperity the domestic economies which have been seriously jeopardized by the present war of greater East Asia.
Today, the Government and people of the Philippines are forging ahead to increase agricultural output for the ultimate purpose of realizing the country's self-sufficiency and also are concentrating on the enterprise for restoring peace and order and for rehabilitation and reconstruction. These undertakings require such amounts of disbursement as our present revenues cannot hope to fill. Moreover, the Government is defraying considerable amounts of public funds to alleviate the people's sufferings.
On behalf of the Government and people of the Philippines, I express my profound gratitude to the Government of Japan for extending us pertinent assistance at such a juncture.