August 13, 2024 | 12:00am
MANILA, Philippines — The Department of Finance (DOF) is stepping up efforts to make official development assistance (ODA) processes more transparent.
In a statement, the DOF said it teamed up with concerned government agencies to promote transparency in the ODA process and in the assessment of its impact on target beneficiaries.
ODAs are loans or grants administered to promote sustainable social and economic development and welfare among developing economies such as the Philippines.
ODA resources are contracted with governments of countries with which the Philippines has diplomatic, trade relations or bilateral agreements, or which are members of the United Nations, their agencies and international or multilateral lending institutions.
Finance Undersecretary Joven Balbosa said transparency and efficient progress monitoring of ODA is important, considering the evolving partnerships between the government and its foreign partners, as well as emerging laws and policies.
To promote transparency and increase public appreciation, the DOF and agencies are planning to launch an ODA microsite to serve as a repository of ODA projects, detailing their corresponding project descriptions, progress reports and success stories.
The government is also moving to streamline, codify and automate procedures for the negotiation and implementation of ODA contracted from bilateral or multilateral development partners.
This also includes optimizing and expediting ODA implementation schedules across relevant government offices.
As the Philippines aims to transition to upper-middle income country status as early as next year, the government is already weighing the implications and opportunities in accessing foreign or external financing.
Data from the National Economic and Development Authority showed that the country’s active ODA portfolio increased by 15 percent to $37.29 billion last year.
This is composed of 113 loans worth $35.07 billion and 325 grants estimated at $2.22 billion.
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