Manila: The World Bank, through its Grant Facility for Project Preparation (GFPP), has approved three new grants this year aimed at boosting jobs and reducing poverty in the Philippines, according to the Department of Finance (DOF). These grants, which provide financial assistance from development partners at no cost to the Philippine government, play a crucial role in funding preparatory work while allowing the government to maintain fiscal space as it advances priority projects.

According to Philippines News Agency, Finance Secretary Frederick Go led the facilitation of government clearances for USD4.13 million in World Bank grant agreements. This swift action ensures that the approved projects can move forward toward implementation without delays. Among the initiatives is the Department of Agriculture's (DA) Improving MSME Access to Finance and Resilience to Climate Shocks Project. Supported by a USD1.21-million grant, this project aims to strengthen agricultural financing and modernize insurance systems, thereby increasing rural incomes, creating jobs, and improving food security.

The World Bank also approved a USD1.21 million grant for the design and implementation of the Philippines Small and Medium Enterprises (SMEs) COMPETE Project by the Department of Trade and Industry. This project seeks to enhance the competitiveness of SMEs, enabling them to access wider markets and generate more employment opportunities.

In addition, a USD1.71 million grant was approved for the Philippines Digital Infrastructure Project Scale-up (Phase II) by the Department of Information and Communications Technology (DICT), which aims to expand broadband connectivity in underserved areas including Western Mindanao and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). This grant will cover technical and economic feasibility studies, detailed engineering designs, and stakeholder engagement activities.

Finance Secretary Go expressed gratitude to the World Bank for its continued support and emphasized the importance of these grants for project development. He assured that the agreements would be finalized and signed promptly to ensure that the benefits reach the Filipino people as soon as possible.