Metro Manila (CNN Philippines, 27. June) — The Philippines and the World Bank have four loan agreements worth 1,14 Billions of dollars signed to fund the country’s climate resilience, agricultural productivity and education initiatives.
Treasury Secretary Benjamin Diokno and World Bank Country Director for the Philippines Ndiame Diop signed the contracts Monday at the Treasury Department (DOF), as the agency announced.
The biggest deal is the loan over 750 Million Dollars for the Philippines’ First Sustainable Recovery Development Policy Loan (DPL). It aims to strengthen environmental protection and climate resilience, achieve the country’s renewable energy targets and reduce climate-related disaster risks.
The loan of 110 Mio. USD is for the project TEACEP (Teacher Effectiveness and Competencies Enhancement Project) of the Department of Education (DepEd). This is intended to improve access to education in Zamboanga, Soccsksargen and the autonomous region of Bangsamoro in Muslim Mindanao.
The loan of 276 Mio. USD is for the Mindanao Inclusive Agriculture Development Project (MIADP) and the Philippine Fisheries and Coastal Resiliency Project (FishCoRe). These are projects of the Ministry of Agriculture.
The MIADP aims to improve the economic situation of selected indigenous communities, while the FishCoRe aims to increase agricultural productivity and improve fisheries management.
The DOF did not disclose the interest rates and terms of the four loan agreements.
The Ministry of Finance reported that the country’s outstanding debt increased at the end of April 13,91 trillion ₱ —54, 24 ₱ billion more than in March due to the weakening of the peso against the US dollar.
The Marcos government is striving for 2024 Loans of2, 46 ₱ trillion to what an increase of 11 % across from2023 is equivalent to.
2023-06-27 06:06:29
#Weekly #Blitz #Philippines #Signs #Billion..
