Japan remains Philippines’ top Official Development Assistance source

Security & Defense

Japan remained the top provider of Official Development Assistance (ODA) to the Philippines as of September, the National Economic and Development Authority (NEDA) reported Friday.

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

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

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

Other ODA providers are Australia, 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 USD 14.5 billion, with total grants amounting to USD 2.22 billion and total loans amounting to USD 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 Avenue in Quezon City to FTI in 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 on March 16, 2018. The project is expected to break ground in January 2019.

“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 noted that the government, for its part, must take the lead in ensuring that these projects will create lasting change in the lives of Filipino people. NEDA

Source: http://www.neda.gov.ph/2018/12/28/japan-remains-top-oda-source-as-of-end-sept-2018/