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Saturday, April 20, 2019
CEBU

Japan is top source of ODA

JAPAN remained the top provider of official development assistance (ODA) to the Philippines as of September, the National Economic and Development Authority (Neda) reported.

Its loans and grants stood at US$5.98 billion, accounting for 41.20 percent of the country’s total active ODA portfolio.

It was followed by the World Bank with $3.13 billion (21.56 percent) and the Asian Development Bank with $2.24 billion (15.44 percent).

In fourth place is the United States, with total active ODA amounting to $807 million (5.56 percent). It was followed by Korea with $660 million in loans and grants (4.55 percent).

Other ODA providers are Australia, the United Nations System, Asian Infrastructure Investment Bank (AIIB), France, EU, China, Germany, Opec Fund for International Development (OFID), Italy, Canada, Spain and New Zealand.

The total net commitment of the country’s active ODA portfolio as of September 2018, based on the data generated in December 2018, reached $14.5 billion, with total grants amounting to $2.22 billion and total loans amounting to $12.28 billion.

One of the notable projects financed by Japan is the first phase of the Metro Manila Subway Project, which comprises the construction of a 25.3-kilometer subway. The subway will run from Mindanao Ave. in Quezon City to Taguig, with an extension to the Ninoy Aquino International Airport.

The governments of the Philippines and Japan signed the P50-billion loan agreement for the Metro Manila Subway Project in March 16. The project is expected to break ground this month.

“As we assess 2018, we look at our development partners full of appreciation and gratitude. They have been constantly beside us in our efforts to pursue much-needed reforms, and both social and physical infrastructures to reach our goals,” Socioeconomic Planning Secretary Ernesto M. Pernia said.

Pernia said the government must take the lead in ensuring these projects create lasting change in the lives of Filipinos. (PR)


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