MANILA: The Philippines received more than USD37 billion in official development assistance (ODA) loans and grants in 2023.
In the 2023 ODA Portfolio Review Report released on Thursday, the National Economic and Development Authority (NEDA) said the country’s active ODA portfolio of loans and grants amounted to USD37.29 billion, up by 15 percent from the US32.40 billion in 2022.
The report said the country received 113 loans amounting to USD35.07 billion and 325 grants worth USD2.22 billion.
These were supported by 46 development partners (DPs) and implemented by 132 partner agencies.
The report said Japan reclaimed the largest share of ODA in the country with 32 percent, followed by the Asian Development Bank and
World Bank.
The Philippines’ ODA includes 13 new program loans amounting to USD6 billion and 17 new project loans worth USD6.08 billion.
Among the new program loans is a USD1 billion allocation for the Post-Covid-19 Business and Employment Recovery Program which aims to stimulate job creation
and economic growth, both of which were severely affected by the pandemic.
The ODA portfolio also encompasses efforts to modernize the country’s financial systems to promote economic development and inclusivity.
The NEDA said the country also secured 57 new ODA grants amounting to USD240.53 million in 2023.
These grants aim to enhance the capacities of the government and local stakeholders in public service delivery and in addressing the country’s developmental challenges, such as inequitable growth, vulnerability to natural disasters, lacking access to education, and limited innovation, among others.
‘This is a welcome opportunity as we boost the government’s capabilities and introduce crucial reforms to sustain our country’s socioeconomic progress. We assure the public that the government is maximizing the opportunity to utilize additional funding for economic recovery and infrastructure development under the Marcos administration’s Build-Better-More program,’ Balisacan said.
The report, meanwhile, sho
wed that financial disbursement of ODA loans increased by 27 percent.
The NEDA said the improvement in disbursement, which reached a cumulative total of USD15.80 billion last year, underscores the government’s commitment to efficiently utilize ODA funds for critical projects that support the country’s socioeconomic agenda.
‘We have made significant progress in securing and utilizing our funding sources. We are committed to ensuring that these funds are efficiently spent by addressing critical challenges such as procurement delays and problems in right-of-way acquisitions,” NEDA Secretary Arsenio Balisacan said.
“This underscores the need for a whole-of-government approach, coupled with assistance from our other development partners, to implement strategic interventions and enhance our project management practices,’ he added.
To address these challenges, NEDA recommends the strengthening of agency capacities in procurement to ensure that processes are conducted efficiently and in compliance with relevant l
egal frameworks and policies and to leverage the Real Property Valuation and Assessment Reform Act to help resolve property valuation disputes and streamline site acquisition processes.
It also cited the need to ensure the alignment of agencies’ budget requests with Department of Budget and Management guidelines and ensuring that proposals are thorough and submitted on time and enhance coordination efforts among implementing agencies, development partners, local government units, and stakeholders to secure the timely approval of permits and certificates.
Source : Philippines News agency
