DoF forwards $20-million UAE grant proposal to Palace

To seek greenlight in negotiations, the Department of Finance (DOF) has endorsed to the Office of the President a proposed $20-million (approximately P1.2-billion) grant from the Government of the United Arab Emirates (UAE) to fund the Pasig River restoration project.

Finance Sec. and investment czar Frederick Go said they are seeking authority to negotiate an agreement that would support efforts to reduce plastic and organic waste entering the Pasig River system and strengthen waste segregation and recovery in surrounding communities.

Go said the proposed grant underscores the Philippines' continued efforts to mobilize international partnerships and development assistance for environmental rehabilitation initiatives.

“We thank the Government of the United Arab Emirates for extending its hand in partnership with us to rehabilitate one of our country's vital waterways. The proposed assistance would strengthen waste management efforts and help improve the quality of life of our people,” he said.

Unlike loans, grants are forms of development assistance that do not require repayment.

The proposed assistance will support the Pasig River Restoration Project (PRRP), which targets a 25 percent reduction in plastic and organic waste entering the Pasig River system over five years.

The PRRP would cover five key areas of intervention: waste recovery and interception; household waste segregation and collection; capacity-building and support for informal waste collectors; improved waste processing and recovery; and stronger enforcement against illegal dumping.

The DOF is seeking the necessary authority to negotiate the proposed agreement, including its terms and conditions. Once authorized, the Department will facilitate negotiations with the UAE Government in coordination with concerned government agencies.