DOF chief fast-tracks World Bank grants for jobs boost

Finance Secretary Frederick D. Go is leading the swift facilitation of government clearances for USD 4.13 million in World Bank Grant Agreements to move approved projects toward implementation, with the goal of driving employment and reducing poverty.

“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,” Secretary Go said.

Through the World Bank’s Grant Facility for Project Preparation (GFPP), three new grants were approved this year to strengthen project preparation and ensure sound technical, financial, environmental, and social foundations that can minimize delays and accelerate project delivery.

The Department of Finance said grants are financial assistance from development partners provided at no cost to the Philippine Government, fully funding key preparatory work and helping preserve fiscal space while advancing priority projects.

One approved initiative is the Department of Agriculture’s Improving MSME Access to Finance and Resilience to Climate Shocks Project, backed by a USD 1.21 million grant.

The project will strengthen agricultural financing, modernize insurance systems, and improve rural development institutions, and is envisioned to help the Department of Agriculture address implementation risks early while boosting productivity, increasing rural incomes, creating jobs, improving food security, and helping communities better cope with climate-related shocks.

Another grant-backed effort is the Department of Trade and Industry’s Philippines SME COMPETE Project, which aims to enhance the local and global competitiveness of small and medium enterprises so they can scale up, access wider markets, and generate more employment.

The USD 1.21 million grant will support robust project design, strong environmental and social safeguards, and coordinated implementation for the Philippines SME COMPETE Project, according to the Department of Finance.

A third initiative is the Department of Information and Communications Technology’s Philippines Digital Infrastructure Project Scale-up (Phase II), supported by a USD 1.71 million grant.

The project will expand broadband connectivity in underserved areas, including Western Mindanao and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), with funding allocated for technical and economic feasibility studies, detailed engineering designs, stakeholder engagement, and institutional capacity building, among other critical preparatory activities.

The Department of Finance said the GFPP-supported projects align with the Marcos Jr. administration’s agenda on inclusive growth, climate resilience, and digital transformation, positioning strategic investments to translate into economic opportunities for Filipinos.

Sources and citations: Department of Finance press release; World Bank Grant Facility for Project Preparation (GFPP) grant approvals referenced in the release.