President Ferdinand Marcos Jr. has expressed frustration over the removal of funding for foreign-assisted projects, calling it an embarrassment that tarnishes the country’s reputation.
In his latest podcast, the President described the issue as the “biggest problem” so far in government project implementation.
“‘Yung foreign-assisted projects, tinanggal halos lahat nung funding. Kailangan natin ibalik ‘yun dahil importante ‘yung mga foreign-assisted projects. At saka sinisira pati ‘yan ang reputation natin,” Marcos said.
He further lamented that some projects end up without appropriations simply because lawmakers deemed them “not good enough.”
“Ano ‘yun, utang ‘yun. Nangungutang tayo para mangurakot itong mga ito,” the President said.
“Sobra na ‘yun. Sobra na ‘yun,” he added.
While Marcos did not specify which projects or countries were involved, he stressed the need to restore funding and ensure proper project completion.
In May, the President announced that the approval process for Official Development Assistance (ODA) loans would be made stricter, urging government officials to complete projects on time. He also ordered a review of delayed projects funded through ODA loans.
ODA loans and grants, often extended to developing nations at low interest rates with long repayment terms, fund many of the Philippines’ infrastructure projects. As of 2023, the country’s active ODA portfolio stood at $37.29 billion, comprising 113 loans worth $35.07 billion and 325 grants worth $2.22 billion. The Philippines also received 57 ODA grants last year totaling $240.53 million.