NATIONAL
Advocates Philippines
World Bank Signs $1 Billion Loan For PH
Photo credit: DOF
Finance Secretary Benjamin E. Diokno and World Bank (WB) Country Director for the Philippines Ndiamé Diop have signed four loan agreements amounting to US$1.14 billion on June 26, 2023. The signing ceremony took place at the Department of Finance (DOF) office in Manila, and the funds will be used to support various government initiatives aimed at accelerating economic recovery, strengthening climate resilience, improving the quality of education, and developing the agriculture and fisheries sectors.
Out of the total amount, US$276 million will be allocated to projects under the Department of Agriculture-Bureau of Fisheries and Aquatic Resources (DA-BFAR). These projects include the Mindanao Inclusive Agriculture Development Project (MIADP) and the Philippine Fisheries and Coastal Resiliency (FishCoRe) Project. The MIADP aims to increase the agricultural productivity, resiliency, and accessibility to markets and services of organized farmers and fisherfolks in selected ancestral domains and value chains in Mindanao. On the other hand, FishCoRe aims to improve fisheries management, enhance the value of fisheries production, and elevate incomes in selected coastal communities.
To enhance the quality of education, a loan agreement worth US$110 million was 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).
Additionally, a budgetary support amounting to US$750 million under the Philippines First Sustainable Recovery Development Policy Loan (DPL) will aid the country's policy reforms focused on boosting environmental protection and climate resilience.
It is noteworthy that the loan agreements were signed using a digital signing platform called DocuSign, showcasing the World Bank's commitment to streamlining its business processes through digital technology. From July 1, 2023, the WB will adopt e-signatures as the default modality for the signing of its financing agreements, marking a significant shift in its operational procedures.
The World Bank's International Bank for Reconstruction and Development (IBRD) is currently the Philippines' third-largest official development assistance (ODA) partner, highlighting the important role it plays in supporting the country's development efforts.
Out of the total amount, US$276 million will be allocated to projects under the Department of Agriculture-Bureau of Fisheries and Aquatic Resources (DA-BFAR). These projects include the Mindanao Inclusive Agriculture Development Project (MIADP) and the Philippine Fisheries and Coastal Resiliency (FishCoRe) Project. The MIADP aims to increase the agricultural productivity, resiliency, and accessibility to markets and services of organized farmers and fisherfolks in selected ancestral domains and value chains in Mindanao. On the other hand, FishCoRe aims to improve fisheries management, enhance the value of fisheries production, and elevate incomes in selected coastal communities.
To enhance the quality of education, a loan agreement worth US$110 million was 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).
Additionally, a budgetary support amounting to US$750 million under the Philippines First Sustainable Recovery Development Policy Loan (DPL) will aid the country's policy reforms focused on boosting environmental protection and climate resilience.
It is noteworthy that the loan agreements were signed using a digital signing platform called DocuSign, showcasing the World Bank's commitment to streamlining its business processes through digital technology. From July 1, 2023, the WB will adopt e-signatures as the default modality for the signing of its financing agreements, marking a significant shift in its operational procedures.
The World Bank's International Bank for Reconstruction and Development (IBRD) is currently the Philippines' third-largest official development assistance (ODA) partner, highlighting the important role it plays in supporting the country's development efforts.
Jun 27, 2023
