The House ways and means committee on Monday approved a substitute bill allowing foreign privately-owned firms to lend money to the Philippines through the Official Development Assistance (ODA).
The House ways and means committee on Monday approved a substitute bill allowing foreign privately-owned firms to lend money to the Philippines through the Official Development Assistance .The measure amends the 1996 ODA law by stating that donor governments, bilateral or multilateral agency, or international or multilateral lending institution may mobilize financing from private or commercial institutions in funding the loan or grant.
Likewise, the bill provides that such a bilateral or multilateral agency, or international or multilateral lending institution will ensure the timely release of funds committed by such private or commercial institutions. Further, the bill changed the current law by providing that ODA must be administered with the objective of promoting sustainable social and economic development, welfare of the Philippines as well as human security of the Philippines.
“For my own country, this situation [of limited ODA fund portfolio] is a significant obstacle to many projects that are in the pipeline at the moment. For example, the investment of a French company into developing a shipyard in the Philippines, a €25 million project, could be creating jobs and could also be an opportunity to have or to strengthen competencies or to translate competencies and create closer relations,” Boccoz said.
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