Neda: PH secured $32.40-billion loans, grants back in 2022
MANILA, Philippines — The National Economic and Development Authority (Neda) said on Tuesday that the Philippines has secured $32.40 billion worth of loans and grants in 2022.
Based on the 2022 Official Development Assistance (ODA) Portfolio Review that Neda released, the $32.40 billion comprised 106 loans worth $30.20 billion and 320 grants equivalent to $2.20 billion.
“The portfolio reflected the government’s initiative to sustain a continuous rollout of programs aimed at addressing the socioeconomic scarring brought by the COVID-19 pandemic while also seeking to secure assistance for enabling social and economic transformation beyond the pandemic,” the agency said.
The same report said that the fund came from 20 different development partners, with the Asian Development Bank being the most significant contributor, accounting for 33 percent of the country’s total ODA last year.
Meanwhile, the infrastructure sector received most of the ODA share, which amounted to $16.07 billion.
“The investments in this sector supported the ‘Build-Build-Build’ infrastructure program of the Duterte administration, which is continued by the current Marcos administration through the ‘Build-Better-More’ infrastructure program,” Neda said.
Among the projects supported through the fund were the Capacity Enhancement of Mass Transit Systems in Metro Manila LRT Line 1 South Extension, the Cebu-Mactan Bridge and Coastal Road Construction Project, and the Second Health System Enhancement to Address and Limit COVID-19.
The following sectors also received significant amounts of ODA: governance and institutions development ($7.16 billion), social reform and community development ($6.14 billion), agriculture, agrarian reform, and natural resources ($2.66 billion), and industry, trade, and tourism ($0.37 billion).
Moreover, Neda said the government received four program loans last year for COVID-19 response, which amounted to $1.02 billion. However, there was a decline in the number of loans dedicated to pandemic response compared to 25 and 15 loans in 2020 and 2021, respectively.
“The significant reduction in ODA devoted to addressing damages brought by COVID-19 reflects the country’s transition towards the new normal and is now focusing on achieving growth in the post-pandemic world,” said Neda Secretary Arsenio M. Balisacan.