THE Philippines is seeking $811.5 million in World Bank loans and grants for seven projects included in the pipeline as of October 2018.
Data posted by the World Bank showed the largest commitment amount of $450 million is allocated for the Improving Fiscal Management project. The project will be financed by a loan from the Washington-based lender.
The project aims to support the government in its efforts to improve fiscal management particularly in increasing revenue potential and economic efficiency in tax policy; improve the budget planning and efficiency of spending and strengthen financial risk management of public assets.
“The Bank’s knowledge services [analytical work and technical assistance] are being extensively used in each of the reform areas of the DPL [Development Policy Loan] to build the evidence base for reforms, e.g., the potential revenue impact, and to provide inputs into the design and implementation of reforms,” the World Bank said in a project information document.
Apart from this project, the Philippines is seeking financial support for the Philippines Customs Modernization Project; Mindanao Inclusive Agriculture Development Project; and Teacher Effectiveness and Competencies Enhancement Project.
The Philippines is seeking $150 million from the World Bank for the Customs Modernization Project. The project aims to modernize the systems, procedures and operation of the Bureau of Customs to improve the country’s trade competitiveness.
For the Mindanao Inclusive Agriculture Development Project, the country is seeking $100 million. The project aims to increase agricultural productivity and integration in agricultural value chains of smallholder farmers and fisherfolk in targeted areas in Mindanao.
The country is asking for $100 million from the World Bank for the teacher effectiveness and competencies enhancement project. However, no information was yet made available by the Washington-based lender for the project.
Meanwhile, the list also includes smaller projects such as Integrated Water Quality Management Project where the country is seeking financing worth $7.4 million; Philippines Stage II HCFC Phase-out, $2.75 million; and Philippines Health Financing Strengthening, $1.35 million.
As of press time, the World Bank has not yet provided details about the Integrated Water Quality Management Project, beyond saying only that it will be involved in sectors, such as water, sanitation and waste management.
The Philippines Stage II HCFC Phase-out project aims to phase out Hydro-chlorofluorocarbons (HCFCs) which are ozone-depleting substances. This will help the country meet its 2020 obligations under the Montreal Protocol and initial requirements under the Kigali Amendment.
In terms of the Health Financing Strengthening project, the World Bank said the objective is to strengthen the country’s Health Insurance Corp. capacity for strategic purchasing with special focus on performance monitoring and payment methods.
In 2017 the National Economic and Development Authority reported that the World Bank is the country’s second-largest source of loans, accounting for $3.02 billion or 25 percent of the total loan portfolio.