PH inks $500M financing agreement to rebuild typhoon-hit schools

The Philippines has inked a $500-million financing agreement with the World Bank - International Bank for Reconstruction and Development (WB-IRD) which will partly finance the rebuilding of over 3,000 climate-resilient schools across the nation damaged by typhoons.

Under the agreement signed by Finance Secretary Ralph Recto and World Bank country director for the Philippines Zafer Mustafao?lu on November 18, the WB-IRD will finance EUR466.07 million or $500 million of the $555.56-million Infrastructure for Safer and Resilient Schools Project while the remainder will be shouldered by the government.

The project involves the repair, rehabilitation, retrofitting, and reconstruction of damaged school facilities hit by natural hazards between 2019 from all regions outside Metro Manila.

It will be implemented from 2024 to 2029, led by the Department of Education (DepEd) in partnership with the Department of Public Works and Highways (DPWH).

“I thank the World Bank for being a trusted partner in our journey towards climate resilience and economic security for Filipinos. Damaged school buildings directly threaten this goal, as these spaces are where we shape our nation’s most valuable asset — our youth,” Recto said in an emailed statement.

“Poor facilities affect both students and teachers, weakening our human capital, reducing productivity, and driving poverty. Hence, we are prioritizing investments in resilient school buildings to secure a better future for our children and our country,” he added.

The World Bank last month also approved a $287.24-million funding for the Philippine Digital Infrastructure Project which involves the construction of a public broadband infrastructure network.

Latest data available from the Bureau of the Treasury (BTr) shows that the Philippines’ sovereign debt hit a fresh record-high of P15.893 trillion as of end-September 2024, up 2.2% from P15.550 trillion as of end-August.

--VAL, GMA Integrated News