The House of Representatives has endorsed for Senate approval a measure setting standards for the contracting of loans and grants with bilateral and multilateral partners. Know more:
THE House of Representatives has endorsed for Senate approval a measure setting standards for the contracting of loans and grants with bilateral and multilateral partners.
The bill enables private and commercial institutions to fund the ODA through the blended financing approach. HB 7311 reduces the ODA grant component from 25 percent to 15 percent to attract more ODA, considering that it remains more attractive as a financing option than alternatives.The bill allows local governments to access ODA loans and tax relief while authorizing the Department of Finance to determine the rate and terms that are concessional.
Earlier, House Committee on Ways and Means Chairman Joey Sarte Salceda, principal author of the bill, said that expanding the country’s ODA portfolio is particularly important, “due to their nature as long-tenured, deeply concessional loans with a more diplomatic character.”
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