Philippine regulator accepts development project proposals under Italy's development program
The Philippines has partnered with Italy in the establishments of development projects in the Asian country. The Department of Finance (DOF) announced that it had already begun accepting project proposals from government agencies, local government units and civil society organizations for projects that emphasize poverty alleviation. Proposals would be accepted until September 20.
The projects would be funded by the Debt for Development Swap program between the Philippines and Italy. The proceeds from the debt conversion amount to about EUR 2.9 million or PHP 168.9 million. The DOF said the proposals for the development partnership should be broad-based and hold a multi-stakeholder approach. Proposals should also be people-oriented and promise sustainable results.
For government agencies, civil society organizations and local government units, the projects could be large-scaled proposals with a budget of anywhere from PHP 25 million to PHP 35 million. Submissions could also be medium-scaled ones costing anywhere from PHP 10 million to PHP 25 million. Smaller projects in the PHP 2.5 million to PHP 10 million range can be proposed by community-based organizations.
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