The government has sealed a $500 million financing agreement with the World Bank – International Bank for Reconstruction and Development (WB-IBRD) to rebuild over 3,000 climate-resilient schools damaged by typhoons nationwide.
In a statement, the Department of Finance (DOF) said the Infrastructure for Safer and Resilient Schools Project involves the repair, rehabilitation, retrofitting and reconstruction of damaged school facilities affected by natural hazards between 2019 and 2023 from all regions outside Metro Manila.
The agreeent was signed by Finance Secretary Ralph Recto and World Bank Group country director for the Philippines, Malaysia and Brunei Zafer Mustafaoğlu on November 18.
The total project cost is $555.56 million with 466.07 million euros equivalent to $500 million to be financed by WB-IBRD. The remaining amount will be shouldered by the Philippine government.
“I thank the World Bank for being a trusted partner in our journey towards climate resilience and economic security for Filipinos. Damaged school buildings directly threaten this goal, as these spaces are where we shape our nation’s most valuable asset—our youth,” Recto said.
“Poor facilities affect both students and teachers, weakening our human capital, reducing productivity and driving poverty. Hence, we are prioritizing investments in resilient school buildings to secure a better future for our children and our country,” he added. The project will be implemented from 2024 to 2029 and will be led by the Department of Education in partnership with the Department of Public Works and Highways.
