THE Philippines’ $500-million loan to support the rehabilitation of schools affected by natural calamities has yet to take effect despite the loan deal being signed in November, the World Bank said.
“The project is yet to become effective, pending the signing of the memorandum of agreement between Department of Education and Department of Public Works and Highways, and the Legal Opinion to be issued by Department of Justice,” according to a loan document uploaded on the World Bank website on Jan. 30.
The Infrastructure for Safer and Resilient Schools project was signed on Nov. 4 following approval on June 28, 2024.
According to the bank, the loan was initially supposed to be effective on Sept. 30 and with a mid-term review due on June 1, 2027. The loan will close on Dec. 31, 2029. — Aubrey Rose A. Inosante