MANILA, Philippines – The government plans to roll out P53.297 billion worth of foreign assisted projects (FAPs) next year, 36.47 percent higher than this year’s P39.04 billion.
According to Department of Finance data, the Philippines is seen to receive P29.11 billion worth of donor financing in 2014, an increase of 11.75 percent from the expected P26.05 billion this year.
Japan remains the largest source of financial aid with P14.31 billion, 36.5 percent more than this year’s P10.48 billion.
Of the programmed FAPs, P23.87 billion would come from counterpart funds while P169.16 million will be in the form of grants.
The Japanese government extends financial support through the Japan International Cooperation Agency, Japan Export-Import Bank, and Japan Bank for International Cooperation.
The Asian Development Bank is the second largest donor for FAPs with P5.5 billion. It is one of the country’s biggest sources of dollar-denominated program loans.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Korea is extending P3.38 billion while the International Bank for Reconstruction and Development is providing P2.84 billion.
France is contributing P2 billion while Italy is lending P424.5 million.
Most of the FAPs are infrastructure-related which include the construction and rehabilitation of roads, bridges, expressways, airports and railways. The government has been scaling up infra spending to further pump-prime the local economy.
Other projects cover flood control, water irrigation and food production. Other funds would go to the development of sub-specialty center for heart, lung and kidney diseases in Luzon and Visayas.
The rest of the loans are distributed to the Department of Agrarian Reform, Department of Transportation and Communications, Department of Environment and Natural Resources and Department of Science and Technology.