DOF scores OPEC Fund commitment to address right-of-way issues

The Department of Finance (DOF) on Tuesday said it secured the OPEC Fund for International Development's commitment to provide technical assistance on the right-of-way issues faced by the current administration's infrastructure projects.

In an emailed statement, the DOF said International Finance Group (IFG) undersecretary Joven Balbosa met with OPEC Fund President Abdulhamid Alkhalifa in April, during which the finance institution expressed interest in co-financing programs.

Among the programs it was looking to co-finance was the Public Financial Management Reform Program (PFMRP) Subprogram 1 with the Asian Development Bank (ADB), which seeks to improve the overall governance framework and support efforts to meet PFM benchmarks.

The DOF did not provide additional details on the technical assistance, as well as the estimated cost and the indicative timeline.

Just last month, President Ferdinand “Bongbong”  Marcos Jr. ordered the creation of an inter-agency committee for right-of-way activities for national railway projects in a bid to streamline the process of land acquisitions for rail projects across the country.

The OPEC Fund provided a $500,000 grant to the Philippines in 2023 for the pilot phase of the Food e-Voucher Program, conducted in partnership with the Department of Social Welfare and Development (DSWD), the World Food Program (WFP), and the ADB.

In the same statement, the DOF said it also discussed the importance of the timely execution of the Framework Agreement of the Establishment of Private Sector Operators with the OPEC Fund.

This will allow the OPEC Fund to operate with private sector institutions, which in turn, will support small and medium-sized enterprises, which are the main growth drivers for the country. — DVM, GMA Integrated News