ODA commitments in Q3 2012 up by 3.7%

MANILA, Philippines - The country's total net commitment from official development assistance (ODA) hit $8.83 billion in the third quarter of 2012, 3.7 percent or $318.31 million higher than the previous quarter, the National Economic and Development Authority (NEDA) said on Friday.

Compared to the amount as of September in 2011, NEDA Project Monitoring Staff Director Roderick Planta said the total ODA net commitment as of September 2012 also grew by $410.74 million. 

“The increase in total net commitment was due to one newly signed loan, one newly effective loan recorded during the quarter, and adjustments reflecting exchange rate fluctuations,” he said.  

As of September last year, the Jalaur River Multipurpose Irrigation Project-Phase II is the most recently signed loan with a commitment of $207.88 million.

Meanwhile, the Flood Risk Management Project along Selected Principal Rivers 2 is an additional newly effective loan valued at $95.83 million.

NEDA said adjustments in loan net commitments to reflect exchange rate fluctuations amounted $14.60 million.

"Total ODA net commitment as of September 2012 consisted of 74 loans, of which 67 are project loans worth $7.69 billion and seven are program loans worth $1.14 billion," the state agency said.

From these figures, $496.58 million were already disbursed. This, however, was lower than the total disbursed amount of $942.98 million the previous year.

NEDA said loans from the Government of Japan-Japan International Cooperation Agency had the highest share of total commitments as of September 2012, with 36.7 percent or $3.24 billion. 

This was followed development partners that include Austria, France, Germany, International Fund for Agricultural Development, Korea, Netherlands, Organization of Petroleum Exporting Countries Fund for International Development, Saudi Arabia and Spain with 20.89 percent ($1.84 billion). 

"The World Bank recorded the third highest share with 17.71 percent ($1.56 billion), followed by China with 12.53 percent ($1.11 billion) and the Asian Development Bank with 12.19 percent ($1.08 billion)," NEDA said.