DOF: OPEC Fund to support PH government's priority projects

By Anna Leah Gonzales

May 7, 2024, 3:48 pm

MANILA – The OPEC Fund for International Development (OPEC Fund) will provide technical assistance to the Philippine government in addressing right-of-way (ROW) acquisition issues for the faster implementation of big-ticket infrastructure projects.
In a statement on Tuesday, the Department of Finance (DOF) said the commitment was made during DOF International Finance Group Undersecretary Joven Balbosa's meeting with OPEC Fund President Abdulhamid Alkhalifa last April 18 at the sidelines of the World Bank-International Monetary Fund (WB-IMF) Spring Meetings in Washington, D.C.
The OPEC Fund provides financing to both member and non-member countries.
The DOF said that during the meeting, the OPEC Fund also expressed interest in co-financing the Public Financial Management Reform Program (PFMRP) Subprogram 1 with the Asian Development Bank (ADB).
The PFMRP Subprogram will build a public financial management (PFM) system conducive to catalyzing climate finance through public-private partnerships (PPPs) and improving climate resilience and readiness among local government units (LGUs).
During the meeting, both parties also discussed the importance of the timely execution of the Framework Agreement of the Establishment of Private Sector Operations to allow the OPEC Fund to work and operate with private sector institutions, which is crucial in supporting small and medium-sized enterprises (SMEs) that are key to unlocking the economy’s growth potential.
The OPEC Fund also assured the DOF of its flexibility in supporting the Philippines’ needs, especially as it transitions to an upper-middle income country.
Last year, the OPEC Fund provided a USD500,000 grant for the pilot phase of the Food e-Voucher Program called "Walang Gutom 2027", which was conducted in partnership with the Department of Social Welfare and Development, the World Food Program, and the ADB. (PNA)