The Department of Finance (DOF) said it has secured a technical assistance commitment from the Organization of the Petroleum Exporting Countries Fund for International Development (OPEC Fund) to resolve right-of-way (ROW) acquisition issues for the seamless implementation of the government’s big-ticket infrastructure projects.
In a statement yesterday, the DOF said undersecretary Joven Balbosa met with OPEC Fund president Abdulhamid Alkhalifa last April 18 in Washington, D.C. to foster renewed engagement and cooperation.
No further details were provided by the DOF on the secured technical assistance.
However, the agency said that during its meeting, the OPEC Fund also expressed its interest to co-finance the Public Financial Management Reform Program (PFMRP) Subprogram 1 with the Asian Development Bank (ADB).
The PFMRP will support the Philippine Development Plan 2023-2028, and is aligned with the strategic pillar on accelerating infrastructure and long-term investments in ADB’s country partnership strategy for the Philippines for 2018-2023.
Subprogram 1 is aligned with the goals of the Paris Agreement since it will build a public financial management system conducive to catalyzing climate finance through public-private partnerships and improving climate resilience and readiness among local government units.
On top of this, both parties discussed the importance of the timely execution of the Framework Agreement of the Establishment of Private Sector Operations to allow the OPEC Fund to work and operate with private sector institutions, which is crucial in supporting small and medium-sized enterprises.
Finally, the OPEC Fund assured the DOF of its flexibility in supporting the Philippines’ needs, especially as it transitions to an upper-middle income country.
The OPEC Fund is the only globally mandated development institution that provides financing from member countries to non-member countries.
It works with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world.
The OPEC Fund previously supported the Philippines through a $500,000 grant in 2023 for the pilot phase of the Food e-Voucher Program “Walang Gutom 2027”, which was conducted in partnership with the Department of Social Welfare and Development, the World Food Program (WFP) and the ADB.
