Business and Economy
PH gets more ODA amid gov’t’s refocused foreign policy
MANILA — Several countries in the region are providing the Philippines with official development assistance (ODA) funding for its priority projects, an indication the country is reaping the advantages of the Duterte administration’s refocusing on entire foreign policy, according to a top economic manager.
Finance Secretary Carlos Dominguez III said President Rodrigo Duterte has focused on greater integration and cooperation mainly with Association of Southeast Asian Nations (ASEAN); the next group of neighbors which are Japan, South Korea and China; and even India.
“He has very wisely refocused the attention of the Philippines and is relying on being part of this (ASEAN) area which is a fastest growing area in the world so it makes total sense that we are receiving also their attention and their assistance,” he said in a press conference Wednesday night at the sidelines of the meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation.
Dominguez assured that projects the government is proposing for ODA and other financing are “always going to be economically viable and affordable” for the country and are designed to benefit more Filipinos.
“Remember the advantages are really for the ordinary Filipino people, providing them opportunities on trade, providing them markets for their goods, providing free and unhampered trade among our neighbors, and of course receiving ODA assistance from them, which we are extremely grateful,” he said.
The finance chief said that it is the appropriate time to take advantage of the long tenor and relatively low interest rates associated with ODA financing, as the Philippines is already on the verge of graduating to a level where it will no longer qualify for ODA extended by some countries.
“After a few years, we will no longer be qualified for that. We will be considered a middle- income country and therefore we will have to pay higher interest rates. It makes sense for us to have these projects funded now rather than later,” he said.
Socioeconomic Planning Secretary Ernesto Pernia said the United States (US) is also keen in providing ODA to the country.
“And perhaps even Malaysia. In fact. Malaysia is very involved in the Subic and the New Clark City,” he said.
Pernia identified other countries and multilateral development banks that have provided either ODA grants or loans to the Philippines, including World Bank, Asian Development Bank, Australia, Germany, Italy, Canada, Spain and New Zealand, among others.