LOAN AGREEMENTS. Finance Secretary Benjamin Diokno (left) and World Bank Country Director for the PH Ndiamé Diop sign four loan agreements on Monday (June 26, 2023). The agreements amounting to USD1.14 billion will support economic recovery, agriculture, education, and sustainability. (Courtesy of DOF)
MANILA – The Philippines and the World Bank on Monday signed four loan agreements amounting to $1.14 billion to accelerate economic recovery, improve the quality of education and develop the agriculture and fisheries sectors.
In a statement, the Department of Finance (DOF) said the loan agreements were signed by Finance Secretary Benjamin Diokno and World Bank country director for the Philippines Ndiamé Diop.
Of the total amount, USD750 million is for the Philippines First Sustainable Recovery Development Policy Loan (DPL) which will support the country's policy reforms to boost environmental protection and climate resilience.
The DOF said USD276 million will be used to fund projects of the Department of Agriculture-Bureau of Fisheries and Aquatic Resources (DA-BFAR), specifically 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 for selected value chains in Mindanao," the DOF said.
FishCoRe, meanwhile, seeks to improve fisheries management, enhance the value of fisheries production and elevate incomes in selected coastal communities.
Also included in the agreements is the USD110 million loan for the Department of Education’s (DepEd) Teacher Effectiveness and Competencies Enhancement Project (TEACEP) which aims to improve equitable access to quality teaching in Kindergarten to Grade 6 (K-6) in project-supported areas.
The project will be implemented in Zamboanga Peninsula, SOCCSKSARGEN and Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
The DOF said the loan agreements were signed using a digital signing platform (DocuSign) in support of the WB’s shift to simplify and streamline its business processes through digital technology.
The WB will be using e-signatures as the default modality for the signing of its financing agreements beginning July 1, 2023. (PNA)
