THE Philippine government has so far utilized nearly 50% of the cumulative official development assistance (ODA) loans it received from other countries and multilateral lenders as of the end of 2023, the National Economic and Development Authority (NEDA) reported Thursday, August 8.
At a press conference in Quezon City, NEDA officials presented the 2023 ODA Portfolio Review Report.
NEDA Undersecretary Joseph Capuno reported that the country received a total of $37.29 billion worth of ODA as of the end of last year, of which 113 are active loans amounting to a total net commitment of $35.07 billion.
The government’s ODA loan portfolio of $35.07 billion is composed of 23 program loans valued at $10.13 billion and 90 project loans amounting to $24.93 billion.
Of the cumulative loans it received, the government has disbursed $15.80 billion or 45% of the total active loans.
Broken down, the cumulative project loans disbursed stood at $8.87 billion or 36% of the $24.93-billion active project loans while the total amount of program loans disbursed reached $6.9 billion or 68% of the $10.13-billion program loans committed.
Moreover, in 2023 alone, the total disbursements from active loans hit $6.11 billion, up 27% from $4.83 billion disbursed in 2023.
The ODA report also revealed that the Philippines’ ODA loans in the last year alone include 13 new program loans amounting to $6 billion and 17 new project loans worth $6.08 billion.
Among the new program loans is a $1 billion allocation for the Post-COVID-19 Business and Employment Recovery Program.
The initiative aims to stimulate job creation and economic growth, both of which were severely affected by the pandemic.
“This is a welcome opportunity as we boost the government’s capabilities and introduce crucial reforms to sustain our country’s socioeconomic progress. 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,” NEDA Secretary Arsenio Balisacan said.
The ODA report also showed that the Philippines has received 325 grants valued at $2.22 billion.
Of the amount, 57 are new ODA grants amounting to $240.53 million in 2023.
The NEDA said the grants are designed to enhance the capacities of the government and local stakeholders in public service delivery and in addressing the country’s developmental challenges such as inequitable growth, vulnerability to natural disasters, lacking access to education, and limited innovation, among others.
By source, Japan is the Philippines’ top ODA partner with loans and grants amounting to $12.07 billion — involving a total of 81 loans and grants — or 32% of the cumulative ODA.
The Asian Development Bank, based in Manila, came in second with a 31% share or $11.4 billion across 62 loans and grants.
The World Bank is the country’s third top source of ODA, contributing 22% or $18.19 billion involving 31 loans and grants.
The China-backed Asian Infrastructure Investment Bank came in fourth, sharing $1.7 billion or 5% across 6 loans; while China completes the top five, accounting for 3% or $1.16 billion across its 11 loans and grants to the Philippines. (GMA Integrated News)
