Official development assistance loans from international donors and foreign countries hit $10.797 billion as of end-June, the National Economic and Development Authority said Thursday.
Neda said these loans consisted of 54 project loans worth $8.197 billion and seven program loans valued at $2.6 billion.
Japan, through Japan International Cooperation Agency, remained the Philippines’ top official development assistance partner in the first half. Loans from Jica amounted to $4.84 billion, accounting for 44.83 percent of the total ODA loans portfolio.
“Japan has been our long-time development partner and we have established a strong relationship with them. They have one of the best loan terms,” Neda Undersecretary for investment programming Rolando Tungpalan said during the 62nd Project Implementation Officers’ Meeting at the Department of Public Works and Highways.
Tungpalan said that loans from Jica particularly under the Special Terms for Economic Partnership had a payment period of 40 years, with a 0.1 percent annual interest rate for civil works and 0.01 percent for consulting services.
The World Bank followed with $2.948 billion (27.31 percent), while the Asian Development Bank ranked third with $2.174 billion (20.14 percent).
Disbursement level in the first half slightly decreased to $802.95 million from $861.04 million a year ago. Meanwhile, the disbursement rate improved to 86.68 percent in the first half from 71.38 percent in the first half of 2016.
Among implementing agencies, the DPWH and Department of Transportation had the highest loan count with 16 and 11 loans, respectively.
Tungpalan cited the contribution of ODA loans toward implementing priority projects of the Duterte administration, saying that 23 of the 35 approved projects by the Neda board were to be funded by ODA loans.
“Thirty five projects have already been approved by the Neda board amounting to P1.235 trillion, majority of which will be funded by ODA in the amount of P1.074 trillion. Last Sept. 12, the Neda board approved the Metro Manila Subway Project, amounting to P355.588 billion, to be funded by Japan,” he said.