Japan remained the Philippines’ biggest source of official development assistance (ODA), accounting for more than 40 percent of the total received by the country as of end-September, state planning agency National Economic and Development Authority (Neda) said.
In a statement Friday, Neda said active ODA from Japan, a long-time contributor of ODA to the Philippines, amounted to $5.98 billion—$5.84 billion in loans and $141.33 million in grants—or 41.2 percent of the total.
One of the notable projects financed by Japan, according to the Neda, is the first phase of the Metro Manila subway project, which covers the construction of a 25.3-kilometer subway.
The subway will run from Mindanao Ave. in Quezon City to FTI in Taguig, with an extension to the Ninoy Aquino International Airport. The governments of the Philippines and Japan signed the P50-billion loan agreement for the Metro Manila subway project on March 16. The project is expected to break ground in January 2019, the Neda noted.
In the meantime, the World Bank’s combined loans and grants to the Philippines during the period reached $3.13 billion, or more than a fifth of the total.
The Manila-based Asian Development Bank extended $2.24 billion in loans and grants, or 15.4 percent of total.
Rounding up the top 10 ODA sources were the United States ($806.76 million in grants), South Korea ($659.73 million in loans and grants), Australia ($467.72 million in grants), the United Nations ($341.95 million in loans and grants), the Beijing-based Asian Infrastructure Investment Bank ($207 million in loan), France ($191.96 million in loans and grants) and the European Union ($167.39 million in grants).
As for China, it had granted the Philippines $62.09 million in loans and $62.28 million in grants, or a combined $124.37 million to date.
Across 17 development partners and multilateral lending institutions, which also included Germany, Italy, Canada, Spain, New Zealand and the Opec Fund for International Development, the country’s total active ODA portfolio stood at $14.51 billion as of September, the latest Neda data showed.
To date, the country had availed itself of $12.28 billion in loans and received $2.22 billion in grants from those 17 countries and financial institutions.
“As we assess 2018, we look at our development partners with full of appreciation and gratitude. They have been constantly beside us in our efforts to pursue much-needed reforms and both social and physical infrastructures to reach our goals,” Socioeconomic Planning Secretary and Neda chief Ernesto said.