THE country's active official development assistance (ODA) portfolio rose to $37.29 billion in 2023 as the government pursued economic recovery and infrastructure development efforts.
In a briefing on Thursday, the National Economic and Development Authority (NEDA) reported that ODA loans and grants to the Philippines increased by 15 percent from the $32.40 billion availed of in 2022.
"This is a welcome opportunity as we boost the government's capabilities and introduce crucial reforms to sustain our country's socioeconomic progress," Socioeconomic Planning Secretary Arsenio Balisacan said. "We assure the public that the government is maximizing the opportunity to utilize additional funding for economic recovery and infrastructure development under the Marcos Administration's Build Better More program."
The portfolio comprised 113 loans totaling $35.07 billion and 325 grants worth $2.22 billion, which were supported by 46 development partners and implemented by 132 partner agencies.
Japan reclaimed the largest share of ODA at 32 percent, followed by the Asian Development Bank and the World Bank.
The ODA included 13 new program loans ($6 billion) and 17 new project loans ($6.08 billion), parts of which were allocated to the post-pandemic business and employment recovery program ($1 billion).
"This initiative aims to stimulate job creation and economic growth, both of which were severely affected by the pandemic," Balisacan explained. "The ODA portfolio also encompasses efforts to modernize the country's financial systems to promote economic development and inclusivity."
The Philippines also secured 57 new ODA grants totaling $240.53 million last year, which are being used to address various developmental challenges including natural disasters, education and innovation.
"We have made significant progress in securing and utilizing our funding sources. We are committed to ensuring that these funds are efficiently spent by addressing critical challenges such as procurement delays and problems in right-of-way acquisitions," Balisacan pointed out. "This underscores the need for a whole-of-government approach, coupled with assistance from our other development partners, to implement strategic interventions and enhance our project management practice."
Balisacan, likewise, noted that financial disbursement of ODA loans went up by 27 percent to $15.80 billion last year, reflecting "the government's commitment to efficiently utilize ODA funds for critical projects that support the country's socioeconomic agenda."
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