Five projects, including an initiative to further explore and conserve the Puerto Princesa Underground River, will get some P52.1 million in grants under the debt-for-development swap program of the Philippine and Italian governments.
In a statement, the Department of Finance said the second batch of projects to be funded by the conversion of the Philippines’ outstanding loan worth 2.9 million euros or about P152 million into official development assistance or ODA mainly involved cultural and environmental conservation.
The first batch is composed of two projects which got about P70 million.
One of the projects in the second batch will benefit the Puerto Princesa Subterranean River National Park in Palawan, which was declared a world heritage site by the United Nations Educational, Scientific and Cultural Organization (Unesco). It will get P14.9 million for the scientific exploration to be conducted by Italian scientists belonging to the LaVenta Foundation, while also conserving its natural beauty in partnership with Tagbalay Foundation.
To further expand the tourism potential, alternative sites in the area will also be developed under the project, said the DOF.
Also, the conservation of the Mount Hamiguitan Range Wildlife Sanctuary in Davao Oriental—another Unesco world heritage site—alongside the Arakan Valley Conservation Area will be granted P10.5 million.
Under this project, Philippine Eagle Foundation “will engage indigenous communities through conservation agreements in developing about 200 hectares of rainforestation farms,” the DOF said.