Finance Secretary Frederick Go wants faster government clearances for $4.13 million in World Bank grants aimed at funding initiatives for agriculture, small business competitiveness and digital infrastructure.
The funding, provided under the World Bank’s Grant Facility for Project Preparation, covers three specific initiatives.
The Department of Agriculture (DA) will receive $1.21 million for a project designed to improve MSME access to finance and strengthen resilience to climate shocks. The funds will help modernize insurance systems and strengthen rural development institutions to boost productivity and incomes.
The Department of Trade and Industry (DTI) will also receive $1.21 million for the Philippines SME COMPETE Project. The initiative focuses on enhancing the local and global competitiveness of small and medium enterprises through improved project design and environmental safeguards.
Meanwhile, the Department of Information and Communications Technology (DICT) is slated to receive $1.71 million for the second phase of the Philippines Digital Infrastructure Project Scale-up. This will fund technical and economic feasibility studies for expanding broadband connectivity in underserved areas, including Western Mindanao and the Bangsamoro Autonomous Region in Muslim Mindanao.
“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,” Go said.
