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PIA Press Release

Japan loans shore up ODA disbursements in Q1

Davao City (17 June) -- Two program loans from the Government of Japan/Japan International Cooperation Agency (GOJ-JICA) formed the bulk of official development assistance (ODA) disbursed in the first quarter of 2010, according to the National Economic and Development Authority.

"A significant portion of the disbursements was largely attributed to the single tranche release of two program loans of US$149.05 million (Emergency Budget Support Loan) and US$99.36 million (Development Policy Support Program III) both funded by the GOJ-JICA," the NEDA said in its Preliminary First Quarter CY 2010 ODA Loans Performance Report. The GOJ-JICA loans comprise 98 percent of total program ODA disbursements at US$248.41 million for the quarter this year.

Moreover, disbursements from project loans of the World Bank (WB) grew to US$57.86 million this quarter, a 145 percent increase from US$23.60 million of the same period last year.

Total ODA disbursements, however, decreased by 25 percent at US$ 467.72 million this quarter compared to first quarter 2009's US$619.50 million. "The reduction in the size of the ODA portfolio by almost 20 percent over the previous year and 19 ongoing loans that have disbursement rates below 50 percent caused the drop in disbursements," the report said.

Loans from GOJ-JICA accounted for 39 percent of total ODA commitments, followed by the WB (21%), China (13%), and the Asian Development Bank (7%). All other donors comprise 20 percent of total ODA.

The current size of the ODA loans portfolio amounted to US$8 billion involving 82 loans, US$7.16 billion or 89 percent of which are project loans and US$0.84 billion or 11 percent are program loans.

Seventy-one loans worth US$6.23 billion are still ongoing, three were closed while two loans signed in 2007 and 2009 are yet to be made effective. Two program and four project loans became effective in the first quarter this year, while program loans also closed within the same period.

The disbursement rate, or the actual disbursements as a percentage of target disbursements for the period, was 87 percent of their target for the first quarter of 2010 and three percentage points lower than the 90 percent rate of last year.

Availment rate remained at 80 percent. For project loans, availment rate increased to 78 percent from 74 percent of last year. Program loans, however, decreased to 89 percent from 95 percent. The disbursement ratio decreased to 10 percent from 15 percent in the same period. (NEDA) [top]

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