The Department of Finance (DOF) said Monday it teamed up with other government agencies to discuss ways to promote transparency in the official development assistance (ODA) process and monitor the impact of its projects on beneficiaries.
ODAs are loans or grants that are geared towards promoting sustainable social and economic development for the benefit of the people. They are contracted with governments of foreign countries with whom the Philippines has diplomatic, trade relations or bilateral agreements.
The DOF’s International Finance Group (IFG) is in-charge of the negotiations for ODA.
DOF IFG Undersecretary Joven Balbosa highlighted the importance of transparency and efficient progress monitoring of ODAs considering the evolving partnerships between the government and its foreign bilateral and multilateral development partners and emerging laws and policies.
To promote transparency and increase public appreciation, the agencies discussed launching an ODA microsite to serve as a repository of ODA projects, detailing their corresponding project descriptions, progress reports, and success stories.
Apart from this, the agencies also discussed how to streamline, codify, and automate procedures for the negotiation and implementation of ODAs contracted from bilateral or multilateral development partners.
This also includes optimizing and expediting ODA implementation schedules across relevant government offices.
The DOF, the Department of Foreign Affairs (DFA), and the National Economic and Development Authority (NEDA) in a meeting on July 22, 2024, delivered presentations relating to their roles and processes in dealing with ODA loans and grants and foreign donations.
The agencies also presented their estimated timelines, as well as the relevant laws, rules and regulations that underpin their procedures, requirements, and evaluation process, which also includes the alignment of such undertakings with the government’s development plan and objectives.
As the Philippines transitions to upper middle income country (UMIC) by 2025, the agencies also discussed the need to weigh the implications and opportunities in accessing foreign or external financing.
The DOF, DFA, and NEDA agreed to establish better coordination arrangements and structures after having identified the bottlenecks in the system.
This will pave the way to further strengthen the guidelines and streamline the processing of ODA through the proposed use of the ODA Microsite, as well as codified and streamlined systems and policies.
The meeting was attended by partners from the Office of United Nations and International Organizations (UNIO), Office of Treaties and Legal Affairs (OTLA), Office of Middle East and African Affairs (OMEAA), Office of European Affairs (OEA) and Office of American Affairs (OAA).
Other attendees from the government were representatives from the Office of the President-Office of the Deputy Executive Secretary for General Administration (OP-ODESGA) and the Department of Budget and Management (DBM).
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