The Department of Finance (DOF) and other government agencies are in talks to promote transparency in the Official Development Assistance (ODA) process.
In a press release on Monday, DOF International Finance Group (IFG) Undersecretary Joven Balbosa said that promoting transparency within the ODA process, including its monitoring, would aid in the partnerships between the government and its foreign bilateral and multilateral development partners. This would also make way for sustainable social and economic development in society.
An ODA microsite would be launched as a repository of its projects, detailing project descriptions, progress reports, and success stories.
The Department of Foreign Affairs (DFA) and the National Economic and Development Authority (NEDA) presented the necessary government development plan procedures, during a meeting on July 22. ODA loans, grants, and donations were among the topics discussed.
The discussion was also aligned with the country’s goal to transition to an Upper Middle Income Country (UMIC) by 2025.
The DOF, DFA, and NEDA concluded that better coordination agreements and structures must be established after identifying the bottlenecks in the system. This would allow for the strengthening and streamlining of the ODA Microsite.
“ODAs are loans or grants that are geared towards promoting sustainable social and economic development for the benefit of the people,” the DOF said.
