Marcos seeks stricter ODA rules – BusinessWorld Online
PRESIDENT Ferdinand R. Marcos, Jr., on Thursday, said the government will impose stricter rules on the approval of Official Development Assistance (ODA) loans as he called on implementing agencies to ensure that government-funded projects are completed on time.
“I’ve said before that all ODA loans, especially those that have been severely delayed, must be thoroughly reviewed,” he said in Filipino during the presentation of the country’s newly enacted laws to implementing agencies and stakeholders during a ceremony.
“The approval of ODA loans will also be stricter from now on,” he added. He did not elaborate on the details.
ODA refers to concessional financing extended by foreign governments and multilateral institutions, such as the Japan International Cooperation Agency, the World Bank, and the Asian Development Bank, to support the development priorities of partner countries.
These loans are typically offered at lower interest rates and with longer repayment terms compared to commercial loans, making them a crucial source of funding for developing countries like the Philippines. ODA loans are often used to finance large-scale infrastructure projects, social services, and capacity-building initiatives that are critical to national development. — Chloe Mari A. Hufana
