THE PHILIPPINES has signed a funding agreement with the International Bank for Reconstruction and Development (IBRD), an arm of the World Bank, to rebuild over 3,000 schools damaged by typhoons, the Department of Finance (DoF) said.
The Infrastructure for Safer and Resilient Schools Project seeks to repair, rehabilitate, retrofit, and reconstruct damaged school facilities affected by natural hazards between 2019 and 2023 outside Metro Manila.
In a statement, the DoF said the total financing package was $555.56 million and 466.07 million euros, with counterpart funds supplied by the government.
The agreement was signed by Finance Secretary Ralph G. Recto and World Bank Group Country Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu on Nov. 18.
This project will run until 2029 and be run by the Department of Education in partnership with the Department of Public Works and Highways.
“I thank the World Bank for being a trusted partner in our journey towards climate resilience and economic security. Damaged school buildings directly threaten this goal, as these spaces are where we shape our nation’s most valuable asset—our youth,” Mr. Recto said.
He said the damage to the schools interferes with the work of both students and educators and weakens human capital and productivity, worsening poverty.
“Hence, we are prioritizing investments in resilient school buildings to secure a better future for our children and our country,” Mr. Recto said. — Aubrey Rose A. Inosante
