Manila: Finance Secretary Ralph Recto has formally entered into a $500-million financing agreement with the World Bank-International Bank for Reconstruction and Development (WB-IBRD) aimed at reconstructing over 3,000 schools nationwide that were damaged by typhoons.
According to Philippines News Agency, the agreement was signed by Recto and Zafer Mustafaoglu, the World Bank Group’s Country Director for the Philippines, Malaysia, and Brunei, on November 18, 2024. This initiative, named the Infrastructure for Safer and Resilient Schools Project, focuses on the repair, rehabilitation, retrofitting, and reconstruction of educational facilities that have been affected by natural hazards from 2019 to 2023, targeting regions outside Metro Manila.
The project’s total cost is estimated at $555.56 million, with $500 million being financed by WB-IBRD and the remaining amount covered by the Philippine government. Scheduled for implementation from 2024 to 2029, the project will be spearheaded by the Department of Educa
tion in collaboration with the Department of Public Works and Highways.
Finance Secretary Recto expressed gratitude towards the World Bank for its support, emphasizing the importance of resilient educational infrastructure in achieving climate resilience and economic security in the Philippines. He highlighted that damaged school buildings pose significant threats to human capital development, affecting both students and teachers, reducing productivity, and perpetuating poverty. Hence, the prioritization of investments in robust school infrastructure is viewed as essential for securing a brighter future for Filipino children and the nation as a whole.
