The Department of Finance (DOF) and the World Bank yesterday signed four loan agreements amounting to $1.14 billion, equivalent to roughly P63.55 billion, to finance various government initiatives.
According to a DOF statement, Finance Secretary Benjamin Diokno and World Bank country director for the Philippines Ndiamé Diop signed the agreements at the Department of Finance (DOF) office in Manila.
Of the amount, $276 million will support projects of the Department of Agriculture-Bureau of Fisheries and Aquatic Resources, specifically 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. FishCoRe aims to improve fisheries management, enhance the value of fisheries production and elevate incomes in selected coastal communities.
To improve the quality of education, a $110 million loan agreement was signed for the Department of Education’s Teacher Effectiveness and Competencies Enhancement Project (TEACEP).
The TEACEP aims to improve equitable access to quality teaching in Kindergarten to Grade 6 in project-supported areas, namely Zamboanga Peninsula, SOCCSKSARGEN and Bangsamoro Autonomous Region in Muslim Mindanao
Budgetary support amounting to $750 million under the Philippines First Sustainable Recovery Development Policy Loan will support the country’s policy reforms aimed at boosting environmental protection and climate resilience.
