The Department of Finance (DOF) secured concessional financing for big-ticket infrastructure projects under President Marcos’ Build Better More Program as well as grants for various development projects to support the country’s rapid growth.

Since the beginning of the Marcos administration, the DOF has obtained concessional financing for 16 project loans amounting to $6.47 billion to support the continuous implementation of key infrastructure projects and other priority initiatives of the government.

This includes 10 loans amounting to $5.18 billion to support the high-impact infrastructure flagship projects (IFPs).

These include the Bataan-Cavite Interlink Bridge  Project, supported by the Asian Development Bank (ADB) with pipelined co-financing from the Asian Infrastructure Investment Bank (AIIB), which is poised to become one of the world’s longest marine bridges.

Financing was also secured for the North-South Commuter Railway Extension Project, Davao Public Transport Modernization Project, and the Three Priority Bridges Crossing Pasig-Marikina River and Manggahan Floodway Bridges Construction Project.

These borrowings are from the Japan International Cooperation Agency (JICA), ADB, and Export-Import Bank of China, respectively.

Meanwhile, about $7.04 billion in budget support financing has been successfully secured by the government through official development assistance (ODA) sources over the same period. 

Along with $6 billion in global bonds issued in coordination with the Bureau of the Treasury and other budget support financing sources, loan proceeds help bridge the programmed fiscal deficit consistent with the Medium-Term Fiscal Framework (MTFF).

As laid out in the Philippines’ first-ever MTFF, the government aims to bring down the country’s debt-to-gross domestic product (GDP) ratio to less than 60 percent by 2025, cut the deficit-to-GDP ratio to 3.0 percent by 2028, and maintain infrastructure spending at 5.0 percent to 6.0 percent of GDP annually.

Aside from loans, the International Finance Group also processed grants, technical assistance, and other bilateral agreements between July 1, 2022 to Dec. 15, 2023.

"We are grateful for the full support of our multilateral and bilateral partners, alongside the confidence placed in us by global investors,” Finance Secretary Benjamin E. Diokno said.

“The magnitude of support we are receiving from the international community is a testament to the steadfast leadership, effective and independent foreign policy, and comprehensive socioeconomic agenda of President Ferdinand Marcos, Jr.,” he added.