Senators in the Philippines questioned officials from the Department of Finance (DOF) about the delayed implementation of official development assistance (ODA) projects.
These projects include modernizing the Bureau of Customs (BOC) and individual land titling by the Department of Agrarian Reform.
Senator Sherwin Gatchalian that only 63 percent of the funds from these loans have been used, meaning that a significant portion remains unused despite being available.
An official from the National Economic and Development Authority explained that pandemic restrictions have made it challenging to disburse the funds as planned.
The Department of Transportation has the largest delay in accessing loan funds, with about $2 billion of the total $3.97 billion backlog for the year.
Several projects, including customs modernization, support for individual land titling, railways, and port upgrades, are currently behind schedule.
The delays in the customs modernization program have also raised concerns, as it could have helped in implementing the Regional Comprehensive Economic Partnership agreement, a significant international trade deal that the Philippines recently joined.
Source: PhilNews24 | August 2, 2023
