THE Department of Finance (DoF) has obtained a technical assistance commitment from the OPEC Fund for International Development (OPEC Fund) to address right-of-way (ROW) acquisition issues.

Finance Undersecretary Joven Balbosa met with OPEC Fund President Abdulhamid Alkhalifa last month to foster renewed engagement and cooperation during the sidelines of the World Bank-International Monetary Fund Spring Meetings in Washington, D.C.

Balbosa said Alkhalifa expressed interest in co-financing the Public Financial Management Reform Program (PFMRP) Subprogram 1 with the Asian Development Bank (ADB).

"The PFMRP will support the Philippine Development Plan 2023-2028 and is aligned with the strategic pillar on accelerating infrastructure and long-term investments in ADB's country partnership strategy for the Philippines for 2018-2023," the DoF said.

The Finance Department mentioned that subprogram 1 aligns with the Paris Agreement goals by developing a financial management system that promotes climate finance through partnerships between the public and private sectors.

This will enhance climate resilience and preparedness in local government units.

Additionally, both parties emphasized the importance of promptly implementing the Framework Agreement for Private Sector Operations.

This step, the DoF said, is crucial for the OPEC Fund to collaborate effectively with private sector entities, particularly in supporting small and medium enterprises that play a vital role in driving economic growth.

The OPEC Fund, meanwhile, assured the DoF of its flexibility in supporting the country's needs as the Philippines targets to attain upper-middle income status.

The OPEC Fund is authorized to offer financing from its member countries to nations outside its membership.

Collaborating with developing countries and global development partners, it aims to boost economic growth and social advancement in low- and middle-income nations globally.

Last year, the OPEC Fund provided a $500,000 grant to support the initial phase of the Walang Gutom 2027 Food e-Voucher Program in the Philippines in partnership with the Department of Social Welfare and Development, the World Food Program, and ADB.