OPEC fund may participate in Marawi rehab, Clark dev’t

THE DEVELOPMENT FINANCE arm of the Organization of Petroleum Exporting Countries (OPEC) is looking to support infrastructure in the Philippines, including rebuilding Marawi City and developing New Clark City in Central Luzon, the Department of Finance (DoF) said in a statement.

“We are here to reiterate our keen interest to assist and collaborate with the government and support your plans,” OPEC Fund for International Development (OFID) Director for Asia Anajulia Taylhardat said during a meeting with Finance Secretary Carlos G. Dominguez III on the sidelines of the Asian Development Bank Annual Meetings on May 4.

Mr. Dominguez added that the OPEC fund may also help finance the rehabilitation of the Agus-Pulangi hydroelectric power plant system in Mindanao.

Ms. Taylhardat meanwhile said that the institution would is “very happy to support” these types of projects, and that it is “very interested in working” on the rehabilitation of the Agus power plants.

Mr. Dominguez said the government will continue to “explore possible financing or co-financing opportunities” with OFID.

According to OFID’s website, the fund has committed $ 173.25 million to the Philippines since 1977, with $ 61 million going to the agriculture sector, $ 48.25 million to transport, $26 million to energy, $20 million to water and sanitation, $ 13.5 million to education, and $ 4.5 million to fishing. Since 1977, it has extended 14 loans, with two worth $ 51.609 million currently active.

The current projects are the $21.609 million Agrarian Reform Communities Project 2 that provides continued support to the implementation of the Comprehensive Agrarian Reform Program (CARP), which began in 2007, and the $30-million Road Improvement and Institutional Development Project (RIIDP) for the periodic maintenance of about 340 kilometers of national roads, which began in 2009. —