malaysiangMANILA: The Department of Finance (DOF) said government agencies recently met to discuss ways to promote transparency in the Official Development Assistance (ODA) process and monitor the impact of its projects on beneficiaries.
In a statement on Monday, the DOF said during a meeting on July 22, the agencies composed of DOF, the National Economic and Development Authority (NEDA), the Department of Foreign Affairs, the Department of Budget and Management, and the Office of the President-Office of the Deputy Executive Secretary for General Administration discussed launching an ODA microsite to serve as a repository of ODA projects, detailing their corresponding project descriptions, progress reports, and success stories.
The DOF said the agencies also discussed how to streamline, codify, and automate procedures for the negotiation and implementation of ODAs contracted from bilateral or multilateral development partners.
“This also includes optimizing and expediting ODA implementation schedules across relevant
government offices,” it said.
ODAs are loans or grants that are geared toward promoting sustainable social and economic development for the benefit of the people.
They are contracted with governments of foreign countries with whom the Philippines has diplomatic, trade relations, or bilateral agreements.
The DOF’s International Finance Group is in-charge of the negotiations for ODA.
Data recently released by the NEDA showed that the country’s active ODA portfolio of loans and grants amounted to USD37.29 billion in 2023, up by 15 percent from the US32.40 billion in 2022.
The country received 113 loans amounting to USD35.07 billion and 325 grants worth USD2.22 billion and were supported by 46 development partners and implemented by 132 partner agencies.
The NEDA said the ODAs include quick-disbursing program loans for post-pandemic recovery and traditional project loans to support the government’s Build Better More infrastructure program.
Source: Philippines News Agency
