Governance, News

WB extends P22.4-B fund for PH infra projects

Cbanga360.Net - The Bicol Street Journal

Published         1 Sep , 2014      3:26 am          506 views.

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Windfall projects funding through loan dollars from World Bank coming soon. Meanwhile, a look back at the unfinished road system of the Binanuaanan barangays in Calabanga, Camarines Sur, here.

The Philippines will receive a hefty financial package from the World Bank amounting to US$508 million (P22.4 billion) earmarked for infrastructure, business and livelihood assistance, which can help over two million farmers and fishermen secure a higher income in the next six years.

More than 70 percent of the fund will go to infra projects of local government units that include farm-to-market roads, bridges, trucks, communal irrigation, potable water systems, post-harvest facilities, production facilities, fish landings, fish sanctuaries, storage facilities, trading posts, greenhouses, solar driers, and slope stabilization works.

Also included in the financial package is a P7-million grant aimed at strengthening the conservation efforts of marine-protected areas of Tayabas, Quezon; Green island in Palawan; Ticao Pass between Sorsogon and Masbate; Guimaras; Danajon bank in Bohol; and Guiuan, Eastern Samar.

Based on the current financial management performance of the administration, where billions of pesos are put to waste through various corrupt practices and scams, how much of the P22.4 billion loan package will really be put to good use?

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