Spain offers $300m worth of ODA for PH

The Spanish government offered $300 million worth of official development assistance to the Philippines for infrastructure, energy, food industry and tourism projects, the Finance Department said.

Finance Assistant Secretary Maria Edita Tan said the department was in the process of drawing up the memorandum of understanding for the Spanish assistance.

“We have received another offer from an ODA partner and this time around it is from the Spanish government for $300-million worth of ODA over the next three years,” Tan said.

She said that the terms “are very good” and that the Philippine government could either tap the euro facility or the US dollar facility.

“For the euro, it is 0.25 percent over a 35-year period inclusive of a 10-year grace period, while the dollar facility is 1.15 percent over a 20-year period inclusive of a 10-year grace period,” Tan said.

Tan said the ODA could be used for any type of projects but the preference of the Spanish government were infrastructure, energy, renewable energy, telecommunications, water treatment, solid waste, agro and food industry and tourism.

Topics: Spain , official development assistance , infrastructure , energy , food industry , tourism projects , Department of Finance
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