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Manila Bulletin devider Business devider World Bank seals P63-B loans to PH

World Bank seals P63-B loans to PH

Published Jun 26, 2023 09:58 am
The World Bank has granted over P63 billion in loans to the Philippines to finance various government initiatives of the Marcos administration, the Department of Finance (DOF) announced. On Monday, June 26, Finance Secretary Benjamin E. Diokno and World Bank Philippines Country Director Ndiamé Diop signed four loan agreements with a total amount of $1.14 billion, equivalent to around P63.59 billion. According to the DOF, the financing accords are aimed at accelerating economic recovery, strengthening climate resilience, improving the quality of education, as well as developing the agriculture and fisheries sectors. Of that amount, $276 million will support projects of the Department of Agriculture-Bureau of Fisheries and Aquatic Resources (DA-BFAR). Specifically, the loan will fund the Mindanao Inclusive Agriculture Development Project (MIADP) and the Philippine Fisheries and Coastal Resiliency (FishCoRe) Project. "The MIADP aims to sustainably increase the agricultural productivity, resiliency, and accessibility to markets and services of organized farmers and fisherfolks in selected ancestral domains and for selected value chains in Mindanao,” DOF said. Meanwhile, FishCoRe aims to improve fisheries management, enhance the value of fisheries production, and elevate incomes in selected coastal communities, DOF said. To improve the quality of education, a $110 million loan agreement was also signed for the Department of Education’s (DepEd) Teacher Effectiveness and Competencies Enhancement Project (TEACEP). “The TEACEP aims to improve equitable access to quality teaching in Kindergarten to Grade 6 (K-6) in project-supported areas, namely Regions IX (Zamboanga Peninsula), XII (SOCCSKSARGEN) and Bangsamoro Autonomous Region in Muslim Mindanao (BARMM),” DOF said. Finally, budgetary support amounting to $750 million under the Philippines First Sustainable Recovery Development Policy Loan (DPL) will support the country's policy reforms aimed at boosting environmental protection and climate resilience. The loan agreements were signed using a digital signing platform (DocuSign) in support of the World Bank’s shift to simplify and streamline its business processes through digital technology. The Washington-based lender will be using e-signatures as the default modality for the signing of its financing agreements beginning July 1, 2023. The WB-International Bank for Reconstruction and Development (IBRD) is the Philippines’ third-largest official development assistance (ODA) partner.
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