The World Bank, through its Grant Facility for Project Preparation (GFPP), approved three new grants this year to boost jobs and reduce poverty in the Philippines, the Department of Finance (DOF) said Friday.
Grants are financial assistance from development partners provided at no cost to the Philippine government, fully funding critical preparatory work and enabling the government to preserve fiscal space while advancing priority projects.
In a statement, the DOF said Finance Secretary Frederick Go led the swift facilitation of government clearances for USD4.13 million in World Bank grant agreements, ensuring that the approved projects move swiftly toward implementation.
Among the approved initiatives are the Department of Agriculture’s (DA) Improving MSME Access to Finance and Resilience to Climate Shocks Project, which aims to strengthen agricultural financing, modernize insurance systems, and improve rural development institutions.
Supported by a USD1.21-million grant, the project is expected to help the DA address implementation risks early and boost productivity, increase rural incomes, create jobs, improve food security, and help communities better cope with climate-related shocks.
The World Bank also approved a USD1.21 million grant for the project design, environmental and social safeguards, and coordinated implementation of the Philippines Small and Medium Enterprises (SMEs) COMPETE Project of the Department of Trade and Industry.
The project aims to enhance the local and global competitiveness of SMEs, enabling them to scale up, access wider markets, and generate more employment.
The DOF said the World Bank also approved a USD1.71 million grant for the Philippines Digital Infrastructure Project Scale-up (Phase II) of the Department of Information and Communications Technology (DICT).
The project will expand broadband connectivity in underserved areas, including Western Mindanao and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
The grant will cover technical and economic feasibility studies, detailed engineering designs, stakeholder engagement, and institutional capacity building, among other critical preparatory activities.
“I thank the World Bank for its continued support to the Philippines. These grants are vital for project development, and we will ensure they are finalized and signed without delay so the benefits reach our fellow countrymen as soon as possible,” Go said. (PNA)
