The World Bank, through its Grant Facility for Project Preparation (GFPP), has approved three new grants this year aimed at generating employment and reducing poverty in the Philippines.
Grants represent financial assistance from development partners that comes at no cost to the Philippine government. By fully covering essential preparatory work, these funds allow the government to safeguard fiscal space while advancing high-priority development initiatives.
In a statement, the DOF said Finance Secretary Frederick Go spearheaded the expedited processing of government clearances for $4.13 million worth of World Bank grant agreements. This swift facilitation ensures that the approved projects can move promptly toward implementation.
Among the initiatives is the Department of Agriculture’s (DA) Improving MSME Access to Finance and Resilience to Climate Shocks Project. The program seeks to strengthen agricultural financing systems, modernize insurance mechanisms, and enhance rural development institutions to better support micro, small, and medium enterprises (MSMEs) in the sector.
Backed by a $1.21-million grant, the project is expected to enable the DA to proactively manage implementation risks while driving productivity gains. It also aims to raise rural incomes, create employment opportunities, strengthen food security, and enhance communities’ capacity to withstand climate-related shocks.
The World Bank likewise approved a $1.21 million grant to support the project design, environmental and social safeguards, and coordinated implementation of the Philippines Small and Medium Enterprises (SMEs) COMPETE Project under the Department of Trade and Industry. The initiative is designed to boost the competitiveness of SMEs in both domestic and global markets, helping them scale operations, expand market access, and generate additional jobs.
In addition, the DOF reported that the World Bank approved a $1.71 million grant for the Philippines Digital Infrastructure Project Scale-up (Phase II) of the Department of Information and Communications Technology (DICT). This project will broaden broadband connectivity in underserved areas, including Western Mindanao and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
The grant will finance critical preparatory activities such as technical and economic feasibility studies, detailed engineering designs, stakeholder consultations, and institutional capacity building. These measures are intended to ensure the project’s readiness and effective execution.
“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.
PIA PHOTO