Cy 2021

CONSOLIDATED AUDIT
2021 REPORT ON OFFICIAL

DEVELOPMENT
ASSISTANCE-FUNDED
PROGRAMS AND PROJECTS
REPUBLIC OF THE PHILIPPINES

COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City
EXECUTIVE SUMMARY
A. Introduction
The Official Development Assistance (ODA) as defined in Republic Act (RA) No.
8182, or the ODA Act of 1996, as amended by RA No. 8555, is a loan or a grant
administered with the objective of promoting sustainable social and economic
development and welfare of the Philippines. It must be contracted with government
of foreign countries with whom the Philippines has diplomatic, trade relations, or
bilateral agreements, or which are members of the United Nations, their agencies,
and international or multilateral lending institutions.
Under Section 3 of RA No. 8182, the ODA is excluded from the total amount of loans,
credits, and indebtedness, excluding interests, which the President is authorized to
incur, which shall not exceed 10 billion United States Dollars (USD) or its equivalent
in other foreign currencies at the exchange rate prevailing at the time the loans,
credits, or indebtedness are incurred and terms of payment of not less than 10 years,
except those contracted in the interest of national security and rehabilitation resulting
from natural calamities.
In Executive Order (EO) No. 292 and other existing laws on borrowings, the debt
management functions are lodged mainly on two government offices - the
Department of Finance (DOF) and the Bureau of the Treasury (BTr). The DOF is
responsible for the review, negotiation, approval, and management, including
servicing and restructuring, if necessary, of all public sector debt. On the other hand,
the BTr manages the cash resources, issues domestic securities and secondary
market transactions, and services all domestic and external borrowings.
Moreover, RA No. 8182 mandated the National Economic and Development

Authority (NEDA) to conduct an annual review of the status of all projects financed
by ODA and identify causes of implementation and completion delays or reasons for
bottlenecks, cost overruns (actual and prospective), and continued project or
program viability.
On the other hand, the Commission on Audit (COA) shall conduct an audit on each
ongoing and completed project and report to Congress not later than June 30 each
year, with the auditors of implementing agencies (IAs) performing the audit of
projects and programs funded by ODA.
As at December 31, 2021, the total National Government (NG) outstanding debt
amounted to P11,957,970.55 million, comprised of domestic and external debt,
which are: (a) NG-Direct or directly incurred by the NG for programs and projects
implemented by national government agencies (NGAs) and government-owned or
controlled corporations (GOCCs)/government financial institutions (GFIs);
(b) NG-Relent or directly incurred by the NG for relending to GOCCs/GFIs and local
government units (LGUs); (c) NG-Assumed or domestic debt assumed by the NG
from GOCCs; (d) NG debt securities; and (e) NG-Guaranteed or loans contracted
by the GOCCs/GFIs and are guaranteed by the NG, as summarized in Table 1.
i
Table 1. National Government Debt Stock as at December 31, 2021 and 2020
Amounts in million PHP
NG Debt External Domestic
Stock Increase/ Increase/
2021 2020 (Decrease) 2021 2020 (Decrease)
Actual Debt 3,558,382.75 3,100,318.72 458,064.03 8,170,414.62 6,694,687.82 1,475,726.80
NG-Direct 1,558,378.74 1,292,871.64 265,507.10 153.60 156.30 -

NG-Relent 16,115.00 19,015.62 (2,900.62) - - -
NG-Assumed - - - - 792.50 (792.50)
NG Debt
1,983,889.01 1,788,431.46 195,457.55 8,170,258.32 6,693,739.02 1,476,519.30
Securities
Guaranteed
228,842.17 248,824.51 (19,982.34) 331.01 209,523.17 (209,192.16)
Debt
NG-Guaranteed 228,842.17 248,824.51 (19,982.34) 331.01 209,523.17 (209,192.16)
Total 3,787,224.92 3,349,143.23 438,081.69 8,170,745.63 6,904,210.99 1,266,534.64
Source: NG Outstanding Debt Stock, BTr-Debt Monitoring and Analysis Division (DMAD)
The net increase of P438,081.69 million in external debt for calendar year (CY) 2021
was due to: (a) increase in NG-direct loans of P265,507.10, of which P228,960.78
or 86.24 per cent were availed from 17 loans to continuously respond to the health
and socio-economic impact of the Coronavirus Disease 2019 (COVID-19) pandemic,
including the mass vaccination program of the government; (b) increase in NG debt
securities of P195,457.55 million due to additional issuances of USD, Euro, and
Japanese Yen bonds which will be redeemed by CYs 2024 to 2046; and
(c) decreases in NG-relent and guaranteed loans totaling P22,882.96 due to the
higher repayments during the year. At the year-end level, the percentage of external
debt to Gross Domestic Product ratio was increased by one per cent or 100.00 basis
points from 17.30 per cent in CY 2020 to 18.30 per cent in CY 20211.
Of the total external debt as at December 31, 2021, ODA loans account for 43.93
per cent or P1,663,817.70 million, of which P1,567,797.62 million of the said
amounts pertain to NG-direct and relent loans, and P96,020.08 million for NG-
guaranteed loans. Details of the distribution of ODA and non-ODA loans as a
percentage of total external debt are shown in Chart 1.
CHART 1. DISTRIBUTION OF EXTERNAL DEBT AS AT

DECEMBER 31, 2021
ODA Non-ODA
99.57% 100.00%
58.04% 56.07%
43.93%
41.96%
0.43% 0.00%
NG-D and NG-R NG-G Debt Securities Total
1
Annual NG Debt Indicators, Statistical Data Analysis Division-Research Service, BTr
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B. Sources of Data
The report contains data on the financial status of 407 ODA loans contracted and
guaranteed by the NG from January 1, 1995 to December 31, 2021 which are still
active and/or outstanding, and 270 ODA grants active as at December 31, 2021.
The financial status of the ODA loans and grants were obtained from the following
sources:
a) List of ODA Loans Signed in CY 2021, Active ODA Loans as at December 31,
2021, and List of ODA Grants and Technical Assistance Secured in CY 2021,
provided by the DOF-International Finance Group (IFG);
b) List of Active ODA Loans and Indicative List of ODA Grants as at December 31,
2021 provided by the NEDA - Monitoring and Evaluation Sector - Systems and
Data Analysis Division (NEDA - MES-SDAD);
c) Status Report on National External Debt and NG Outstanding Debt Stock as at

December 31, 2021, and Detailed Debt Service Expenditures (DSEs) for
CY 2021 provided by the BTr-DMAD;
d) Detailed DSEs of Foreign Loans-Direct, Relent to GOCCs/GFIs, and NG

Advances for Guaranteed Loans for CY 2021 provided by the BTr - National
Government Debt Accounting Division (BTr-NGDAD); and
e) Actual DSEs prepared by GOCCs/GFIs, as verified by COA auditors, for direct

payments of GOCCs/GFIs to creditors for ODA Loans.
The financial data on ODA loan balances and other stock figures such as gross/net
loan commitments, cumulative loan availments, undrawn commitments, and
outstanding balances were obtained from the reports of the DOF-IFG and BTr-
DMAD at their original currencies which were translated to USD for third currency-
denominated loans and then to their Philippine Peso (PHP) equivalent using the
Bangko Sentral ng Pilipinas (BSP) reference exchange rate published on the first
banking day of the ensuing year of the report date. On the other hand, flow figures
such as the loan availments during the CY, were converted from their original
currencies to their respective US Dollar and PHP equivalents using the BSP annual
average cross rates. For the DSEs for ODA loans, data were obtained from the
reports provided by the BTr-NGDAD and the GOCCs/GFIs at their actual PHP
equivalent at transaction dates.
For ODA grants, the amounts were obtained from the reports of the
NEDA-MES-SDAD and the DOF-IFG which are provided in their original currencies
and likewise converted to USD (for third currency-denominated grants) and
translated to their PHP equivalent based on the BSP reference exchange rate
published on the first banking day of the ensuing year of the report date.
The report also contains data on the physical status of 76 ODA loan-funded
programs/projects and 270 ODA grant-funded projects as at December 31, 2021.
The physical status of the loan-funded and grant-funded programs/projects were
obtained from the reports provided by the IAs duly verified by COA auditors.
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C. Scope of Audit
In compliance with Section 8(b) of RA No. 8182, as amended, mandating COA to

submit ODA report to Congress, the Auditors of the NGAs, GOCCs/GFIs, and LGUs
implementing ODA-funded programs and projects conducted an audit of the
operations, and financial and physical performance of ongoing and completed
programs/projects as at year-end of CY 2021. The audit observations and
recommendations were consolidated and grouped into audit issues for emphasis,
based on the audit reports transmitted by the concerned auditors.
D. ODA Financial Highlights
In CY 2021, the Government of the Philippines (GoP) contracted 19 ODA loans with
loan commitments of P326,876.92 million which were sourced from three multilateral
and three bilateral development partners (DPs). Out of the 19 ODA loans, 15 loans
totaling P283,644.82 million were secured in response to the effects of the ongoing
COVID-19 pandemic. The remaining four loans with loan commitments of
P43,232.10 million were for various infrastructure development (INFRA) and
industry, trade and tourism (ITT) projects implemented by the Department of Public
Works and Highways, Department of Transportation, and Department of the Interior
and Local Government.
The availments during the year from 65 loans amounting to P276,594.07 million were
net of refunds of P508.13 million from two loans. As compared to the previous year’s
level, availments for CY 2021 were relatively lower by P150,089.90 million or 35.18
per cent. A significant portion of the decrease was due to the higher CY 2020
availments for the Governance and Institutions Development (GID) sector from 18
loans which were contracted in previous years. On the other hand, availments for
the Social Reform and Community Development (SRCD), Agriculture, Agrarian
Reform and Natural Resources (AARNR), INFRA, and ITT sectors generally
reported increases in availments by a total of P58,984.09 million. Moreover, out of
the 35 COVID-related loans, 28 loans reported cumulative availments of
P475,453.82 million or a total of 85.26 per cent of their overall loan commitments.
As at December 31, 2021, a total of 86 loans were reported to have undrawn loan
commitments of P785,323.62 million and can be availed in subsequent years up to
CY 2030. Of the total amount, P127,623.81 million or 16.25 per cent pertains to
program loans, while a total of P657,699.81 million or 83.75 per cent pertains to
project loans.
In CY 2021, DSEs for ODA loans comprising of principal repayments, interests,

commitment fees, and other loan charges totaling P62,734.79 million, P14,010.19
million, P465.60 million, and P658.42 million, respectively, or a total of P77,869.00
million were paid for 339 NG-Direct, 12 NG-Relent, and 39 NG-Guaranteed loans.
The DSE payment showed a decrease of P8,810.00 million or 10.16 per cent as
compared to the CY 2020 level due to the appreciation of PHP against USD and the
decrease in the interest rates of Asian Development Bank and International Bank for
Reconstruction and Development loans which are usually based on the London
iv
Interbank Offered Rate, among others. As at December 31, 2021 a total of 362 loans
are outstanding with a total balance of P1,663,817.70 million.
On the other hand, as at December 31, 2021, the GoP received 270 ODA grants
totaling P982,623.59 million from various countries and multilateral institutions to
finance various projects. Out of the total, 66 grants were received in CY 2021 with a
total grant amount of P13,918.34 million from different donor countries and
multilateral institutions, of which 9 grants totaling P5,483.69 were COVID-related.
E. ODA-Funded Programs and Projects’ Implementation Highlights
As at December 31, 2021, a total of 76 ODA loan-funded programs/projects and 270

ODA grant-funded projects were implemented by NGAs, GOCCs/GFIs, and LGUs
based on the reports of various IAs, as presented in Table 2.
Table 2. Implementation Status of ODA-Funded Programs and Projects

as at December 31, 2021
No. of Programs/Projects per Sector
Implementation Status Total
AARNR GID INFRA ITT SRCD
Loan-funded Programs/
14 10 39 3 10 76
Projects
Completed in CY 2021 5 5 1 - 1 12
Ongoing 9 3 32 2 8 54
Not Yet Implemented - 2 6 1 1 10
Grant-funded Projects 77 67 31 16 79 270
Completed in CY 2021 13 4 5 - 25 47
Ongoing 57 58 23 15 53 206
Not Yet Implemented 7 5 3 1 1 17
Source: CY 2021 Audit Reports on ODA-funded programs and projects submitted by COA auditors
F. Significant Audit Observations and Recommendations
For CY 2021, audit reports on 65 completed and ongoing programs/projects showed

observations and recommendations on the following areas as summarized:
1. On Project Implementation, Management, and Sustainability
a. Slow-paced/delayed implementation and partial/non-achievement of target

outputs/activities of the programs/projects of various IAs resulted in the:
incurrence of additional commitment fees; possible restructuring/changes in
the cost of various projects; delayed and/or non-delivery of benefits to the
intended recipients; and non-achievement of the program/ project objectives
in various programs/projects due to, among others:
(i) various delays/lapses in the procurement process; (ii) inadequate
planning, supervision, and monitoring of the program's/project's
implementation in accordance with the physical targets, timelines/schedules,
project costs, and the work and financial plans; (iii) issues in the site condition
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of various infrastructure projects; (iv) lack of interest/non-cooperation of
stakeholders in the launched activities; and (v) COVID-related restrictions.
We recommended that IAs: (i) ensure efficient and effective

implementation of the project/program components, implement
measures and exert best efforts for prompt and timely completion of
target accomplishments/activities/outputs, and attainment of
objectives; (ii) address all identified procurement issues/hindrances
and causes of delayed /non-implementation of project component/
activities through proper planning, supervision, and monitoring of
scheduled activities; and (iii) ensure that all program/project activities,
including those undertaken by the suppliers/contractors, are closely
reviewed and monitored in accordance with the approved physical
targets, schedules, costs and financing to timely detect deviations
between targets and outputs for the benefit of the intended
beneficiaries and fast track the implementation of programs/projects/
activities to improve the attainment of the target accomplishments/
outputs.
b. Lapses/deficiencies in the implementation of various projects/subprojects

such as: discrepancies in the actual work performed and Program of Works
(POW); deficiencies in completed subprojects; lapses in construction
planning which were affected by other programs/projects of other NGAs; and
lapses in the prioritization system for the parcelization of land to agrarian
reform beneficiaries resulted to the non-operation/non-utilization of the
completed subprojects and/or non-delivery of the benefits to the intended
beneficiaries which were due to, among others: (a) improper planning of the
program/project; (b) lack of monitoring and evaluation of the completed
subprojects in accordance with the POW and construction contracts; and (c)
slow verification/validation of the identity of the heirs in the parcelization
process and authenticity of the Collective Certificate of Land Ownership
Awards.
We recommended that IAs execute projects based on the work plans

and specifications and closely monitor ongoing projects to ensure that
these are implemented in accordance with the approved plans,
specifications, and schedules to deter the loss/wastage of government
funds and enable the delivery of the optimum benefits to the intended
recipients.
2. On Financial Management
a. Out of the CY 2021 allotments totaling P77,980.78 million, which include

extended prior year's allotments for various projects of IAs, at least
P12,912.13 million were unobligated/undisbursed, and with unutilized cash
allocations totaling P4,091.18 million for project disbursements due to the
adverse and unprecedented constraints of the COVID-19 pandemic, among
others, of which the unutilized amounts either remained in the bank as
rollover fund in the succeeding year or reverted to the BTr or the funding
source, thus affecting the timely attainment of the projects' goals and
objectives.
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We recommended that IAs institute measures to ensure the timely
implementation of the programs, projects, and activities and the
preparation of realistic and attainable annual work plan and budget to
avoid the idling of funds and/or Notices of Cash Allocations and ensure
the utilization of loan proceeds or project funds as provided and as
scheduled.
b. Delays/non-availment of loan proceeds within the prescribed period as

stated in the loan agreement (LA) due to inadequate planning and monitoring
of project implementation by the Management resulted in the incurrence of
additional commitment fees (CFs).
We recommended that IAs plan properly and monitor closely the

project implementation to accelerate/maximize the utilization of loan
proceeds by adopting efficient and remedial procedures in accordance
with the guidelines of the foreign lending institutions, and the
LAs/contracts, to lessen delays, and provide a catch-up plan to
increase the availment rate to minimize the incurrence of additional
CFs.
3. On Reliability of Financial Statements
a. Various errors/omissions in the recognition of transactions resulted in

misstatements affecting the balances of various asset, liability, income/
expense, and other related accounts reported in the IA/executing agency’s
(EA's) General-Purpose Financial Statements (GPFSs) and/or Special-
Purpose Financial Statements (SPFSs) such as: (i) non-recognition of cash
transaction and foreign exchange gain on the revaluation of the cash
accounts resulting in a net understatement of P7.26 million in the cash
account balances; (ii) non-recognition of receipts and issuances of
inventories and semi-expendable assets resulting in the net understatement
of P3,531.44 million in the inventory account balances, and overstatement of
P0.42 million in the semi-expendable asset accounts, and other related
account balances; and (iii) under-recognition of the recouped value-added
tax portion of the advances to contractors resulting in the overstatement of
P93.15 million in the Advances to Contractors balances, among others.
We recommended that IAs prepare the necessary adjusting entries to

correct the noted errors/omissions to bring the affected account
balances to their correct balances and ensure that all transactions
recorded in the GPFSs and/or SPFSs are complete, accurate,
recognized in the appropriate accounting periods, and in the proper
fund books, in accordance with the Government Accounting Manual for
NGAs.
b. Various discrepancies/deficiencies in the keeping and reporting of accounts

which affected the reliability of the financial statements as at year-end, such
as: (i) discrepancies or unreconciled balances totaling P14,653.23 million
between the book balances/accounting records and other reports such as
the Report on the Physical Count of Property, Plant and Equipment, Report
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on the Physical Count of Inventories, Petty Cash Fund records, Bank
Reconciliation Statements (BRSs), and other reports and supporting
documents which affected the reliability of the GPFSs/SPFSs as at year-end;
and (ii) other various deficiencies such as absence/lack of complete
accounting records and/or supporting documents, and uncorrected
accounting deficiencies, among others.
We recommended that IAs prioritize the timely preparation and

submission of necessary financial records and reports, and ensure the
adequacy of supporting documents, reconciliation of project accounts
with accounting/property/supply records, and appropriate adjustments
are made in the books of accounts as necessary.
4. On Compliance with Existing Laws, Rules, and Regulations and Provisions of the
LA/Grant Agreement/Memorandum of Agreement
a. Non-compliance with RA No. 9184 and its Implementing Rules and

Regulations (IRR), and other relevant project procurement laws, such as: (i)
unrecouped advances of P81.01 million for various completed/ terminated
projects and unrecovered performance security claims of P15.63 million for
various terminated sub-projects; (ii) non-submission of required supporting
documents for the procurement of goods totaling P10.08 million; (iii) splitting
of procurement of Technical-Vocational-Livelihood learning tools and
equipment totaling P2.56 million into three contracts; and (iv) non-imposition
of liquidated damages of P0.41 million for delayed implementation of various
sub-projects, among others.
We recommended that IAs observe strict compliance with the related

provisions of RA No. 9184 and its IRR and other relevant DP’s
procurement guidelines.
b. Non-compliance with accounting and auditing, and other relevant rules and
regulations such as: (i) delayed/incomplete/non-submission of contracts,
purchase orders, disbursement vouchers, BRSs, and other relevant
documents for various programs/projects; (ii) job order (JO) workers were
not paid the wage rates equivalent to the salary of comparable positions in
the government and the 20 per cent premium; (iii) 17 parcels of land and
several improvements amounting to P1,650.13 million which were already
fully paid to landowners remained untransferred in the name of the Republic
of the Philippines; and (iv) delayed/non-remittance of taxes and erroneous
computation of withholding taxes; among others.
We recommended that IAs observe strict compliance with accounting

and auditing, and other relevant rules and regulations, particularly on
the: (i) preparation/maintenance and submission of necessary project
contracts, accounting records, reports, and other supporting
documents, (ii) payment of salaries of JO workers; (iii) transfer of
ownership of the title of acquired project properties; and (iv) remittance
of taxes.
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G. Status of Implementation of Prior Years’ Audit Recommendations
Of the 866 audit recommendations reported in the prior years’ audit reports on ODA-
funded programs and projects, 490 were implemented while 376 were not
implemented in CY 2021. Further details are discussed in Part 5 of this report.
We enjoin Management to ensure the full implementation of all audit

recommendations to improve the financial and operational efficiency of the
programs/projects.
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TABLE OF CONTENTS
Page
1.0 FINANCIAL STATUS OF ODA LOANS AND GRANTS 1
1.1 Status of ODA Loans 1
1.1.1 Loan Commitments 1
1.1.2 Availments and Undrawn Commitments 7
1.1.3 Debt Service Expenditures 15
1.1.4 Outstanding Loan Balances 19
1.2 Status of ODA Grants 24
PHYSICAL STATUS OF ODA-FUNDED PROGRAMS AND
2.0 28
PROJECTS
2.1 Status of Loan-Funded Programs/Projects 28
2.2 Status of Grant-Funded Projects 33
3.0 AUDIT OBSERVATIONS 36
4.0 GENERAL AUDIT RECOMMENDATIONS 49
STATUS OF IMPLEMENTATION OF PRIOR YEAR’S AUDIT
5.0 52
RECOMMENDATIONS
6.0 ANNEXES
A. NG Direct and Guaranteed Loans in CY 2020
B. List of ODA Grants Received in CY 2020
7.0 TABLES
1. Summary of Active ODA Loans in CY 2021 1
2. Financial Terms and Conditions of CY 2021 ODA Loans 3
3. Summary of CY 2021 New ODA Loans 4
4. Details on the Amendment of Two ADB Loans 6
5. Availments and Undrawn Commitments of Active Loans as at
7
December 31, 2021
6. Loans with Significant Declines in Availments in CY 2021 10
7. Effective Loans Without Availment in CY 2021 11
8. Capitalized Charges in CY 2021 13
9. Availments of COVID-related Loans as at December 31, 2021 13
10. Loans with Undrawn Commitments as at December 31, 2021 14
11. Loans with Loan Closing Date Extensions in CY 2021 14
12. Closed Loans with Undrawn Loan Balances as at December 31,
15
2021
13. DSEs for CY 2021 16
14. DSEs for COVID-related Loans 16
15. DSEs per DP for CY 2021 16
16. Cumulative CFs for Unavailed ODA loans as at December 31,
18
2021
17. Movement of Outstanding Balances of ODA Loans 19
18. Top Multilateral and Bilateral DPs of ODA Loans 21
19. Outstanding ODA Loans per Currency Denomination 21
20. Maturity of ODA Loans as at December 31, 2021 22
21. Outstanding Balance of COVID and Non-COVID ODA Loans 23
22. Status of Active ODA Grants in CY 2021 24
23. Summary of ODA Grants Received in CY 2021 25
24. ODA Grants by Donor/DP as at December 31, 2021 25
25. Distribution of ODA Grants by IA/EA 26
26. Utilization of ODA Grants as at December 31, 2021 27
27. Implementation Status of ODA Loan-Funded Programs and
28
Projects as at December 31, 2021
28. Implementation Status of ODA Loan-Funded Projects per IA 30
29. Actual Accomplishments of DOH-implemented Projects 31
30. Percentage of Completion of Ongoing IFPs to be Completed in
32
CYs 2021 and 2022
31. Implementation Status of ODA Grant-Funded Projects as at
33
December 31, 2021
32. Audit Observation Categories 36
33. Matrix of Audit Observations on ODA-Funded Programs/Projects 37
34. List of Projects with Audit Observations and Recommendations 46
35. Status of Implementation of Prior Years’ Audit Recommendations 52
8.0 CHARTS
1. Sectoral Classification of New Loans 2
2. Comparison of CY 2020 and 2021 Availments 8
3. Comparative DSEs 17
4. CFs per Sector in CY 2021 19
5. Outstanding Balance of ODA Loans by Debtor Type as at
20
December 31, 2021
6. Projected Repayment of COVID-related Loans as at December
23
31, 2021
7. Non-COVID-related Projects Completed in CY 2021 34
8. Ongoing Non-COVID-related Projects in CY 2021 35
1.0 FINANCIAL STATUS OF
ODA LOANS AND GRANTS
2021 1
Consolidated Audit Report on ODA–Funded Programs and Projects
1. FINANCIAL STATUS OF ODA LOANS AND GRANTS

1.1 STATUS OF ODA LOANS
1.1.1 LOAN COMMITMENTS
In calendar year (CY) 2021, the National Economic and Development

Authority (NEDA) reported a total of 106 active Official Development Assistance
(ODA) loans with cumulative net loan commitments (CNLCs) totaling P1,528,388.16
million (US$29,983.68 million). Of the said loans, 101 loans with CNLCs of
P1,502,523.76 million (US$29,476.28 million) were directly contracted by the national
government (NG-Direct) for programs/projects of national government agencies
(NGAs) and government-owned or controlled corporations (GOCCs)/ government
financial institutions (GFIs), while the remaining five loans with CNLCs of P25,864.40
million (US$507.40 million) were loans of GOCCs/GFIs which were guaranteed by
the NG (NG-Guaranteed). The NEDA defines active loans as loans that are newly
signed, newly effective, have ongoing loan disbursements/availments as at December
31, 2021, and those which were closed within CY 2021 based on the approved loan
closing dates.
Of the total active ODA loan portfolio, 11 loans were closed during the year1,
18 loans became effective during the year2, and 6 loans were newly signed but are
not yet effective as at year-end. A total of P694,245.00 million (US$13,619.59 million)
or 45.42 per cent of the active CNLCs pertains to 35 loans contracted by the
Government of the Philippines (GoP) as part of its efforts to respond to the current
health and socio-economic effects of the Coronavirus Disease 2019 (COVID-19)
pandemic. Details are shown in Table 1.
Table 1. Summary of Active ODA Loans in CY 2021

Commitment Decrease
Cumulative Gross Loan
as at December 31, CNLC
Purpose/ No. of Commitment
2021*
Loan Status Loans
Amounts in million
USD PHP USD PHP USD PHP
COVID-related 35 13,619.59 694,245.00 - - 13,619.59 694,245.00
New Loans 15 5,564.50 283,644.82 - - 5,564.50 283,644.82
Newly effective 9 3,464.50 176,599.42 - - 3,464.50 176,599.42
Newly signed 5 2,000.00 101,948.00 - - 2,000.00 101,948.00
Closed in 2021 1 100.00 5,097.40 - - 100.00 5,097.40
Prior Year
20 8,055.09 410,600.18 - - 8,055.09 410,600.18
Loans
Newly effective 3 1,500.00 76,461.00 - - 1,500.00 76,461.00
Ongoing 12 4,370.44 222,778.83 - - 4,370.44 222,778.83
Closed in 2021 5 2,184.65 111,360.35 - - 2,184.65 111,360.35
Non-COVID-
71 16,564.44 844,355.77 200.35 10,212.62 16,364.09 834,143.16
related
New Loans 4 848.12 43,232.10 - - 848.12 43,232.10
Newly effective 3 673.02 34,306.55 - - 673.02 34,306.55
Newly signed 1 175.10 8,925.55 - - 175.10 8,925.55
Prior Year
67 15,716.32 801,123.67 200.35 10,212.62 15,515.97 790,911.06
Loans
1
Includes one program loan contracted in CY 2021 which was closed on December 31, 2021.
2
Includes 12 loans contracted in CY 2021 which became effective during the year.
2021 2
Commitment Decrease
Cumulative Gross Loan
as at December 31, CNLC
Purpose/ No. of Commitment
2021*
Loan Status Loans
Amounts in million
Newly effective 3 226.28 11,534.40 - - 226.28 11,534.40
Ongoing 59 14,896.12 759,314.75 157.40 8,023.31 14,738.72 751,291.45
Closed in 2021 5 593.92 30,274.52 42.95 2,189.31 550.97 28,085.21
Grand Total 106 30,184.03 1,538,600.78 200.35 10,212.62 29,983.68 1,528,388.16
*Note: No loan cancellations were reported for the 106 active ODA loans during the year. The amounts represent
cumulative loan cancellations made in prior years.
Sources: Status Report on National External Debt (SRNED) as at December 31, 2021, Bureau of the Treasury – Debt
Management and Analysis Division (BTr-DMAD); and List of Active ODA loans, Department of Finance (DOF)
All of the 19 new loans in CY Chart 1. Sectoral Classification of New

2021 were NG-Direct loans contracted Loans
through the Department of Finance AARNR
SRCD 2 loans
(DOF), as the GoP did not guarantee 8 loans (11%)
any loans of GOCCs/GFIs during the (42%) GID
year. These loans were for various 5 loans
(26%)
programs/projects which were
implemented under five project sectors
namely: (a) Agriculture, Agrarian
Reform and Natural Resources
(AARNR); (b) Infrastructure INFRA
ITT
Development (INFRA); (c) Industry, 1 loan 3 loans
Trade and Tourism (ITT); (d) Social (5%) (16%)
Reform and Community Development
(SRCD); and (e) Governance and Institutions Development (GID). Chart 1 shows the
distribution of the new loans to the different project sectors. Of the new loans, a total
of 11 loans were for projects implemented by specific implementing agencies (IAs)
under the AARNR, INFRA, ITT, and SRCD. The remaining eight loans are program
loans classified under the AARNR, GID, and SRCD sectors which are budgetary
support in nature and were categorized by the DOF as either policy-based, results-
/performance-based, or contingent credits3. The details of the ODA loans contracted
in CY 2021 are presented in Annex A.
The new loans were contracted from three multilateral and three bilateral
development partners (DPs), with the International Bank for Reconstruction and
Development (IBRD) solely financing P146,805.12 million (US$2,880.00 million) or
44.91 per cent of the new loan commitments, as compared to the other DPs. The
summary of the financial features of the new loans as embodied in the loan
agreements (LAs) is shown in Table 2.
3
The DOF categorizes program loans as: (a) policy-based when the loan proceeds are disbursed on the basis of loan
effectiveness, and/or the accomplishment of policy actions; (b) results-/performance-based when the loan proceeds are disbursed
on the basis of achieved disbursement-linked indicators (DLIs) or performance-based conditions, and/or submission of a
statement of expenditures showing that program actions are accomplished; and (c) contingent credit when the proceeds are
disbursed on the basis of a declaration of a state of calamity and/or emergency, and/or any other instrument issued in relation to
a disaster event.
2021 3
Table 2. Financial Terms and Conditions of CY 2021 ODA Loans

Terms and Multilateral Bilateral
Conditions IBRD ADB AIIB AFD CEXIM KEXIM
Common Features
No. of COVID-
related Loans 6 5 2 1 - 1
No. of Non-
COVID-related 1 1 - - 1 1
Loans
Original
Currency USD USD USD EUR USD KRW/USD
Total Loan
Commitment in P146,805.12 P113,422.25 P28,035.70 P14,502.10 P14,065.88 P10,045.88
million PHPa
Maturity Period
(in years)b 18 to 29 10 to 29 12 to 29 10 20 30 to 40
Grace Period
5 to 11 3 to 9 3 to 9 3 7 11
(in years)
Repayment
Period 13 to 18 7 to 20 9 to 20 7 13 19 to 29
(in years)
6 mo.
USD LIBOR
EURIBOR
USD LIBOR + 0.50% USD LIBOR
+ margin;
Nominal + 0.78% - spread or + 0.64% or 2.00% per 0.15% or
or
Interest Rates 1.23% +0.20% 1.04% annum (p.a.) 1.50% p.a.
Fixed
spread maturity spread
interest
premium
rate
Distinct Features
0.25% or
0.25% of
Front-End Fee 0.50% of the
None the loan None None None
Rate loan
amount
amountc
0.15% p.a on
Zero per centd the full loan 0.30% p.a. on
0.25% p.a. on 0.15% p.a.
or 0.25% p.a. amount (less the undrawn and
Commitment the on the
on the withdrawn from uncanceled None
Fee Rate unwithdrawn unwithdrawn
unwithdrawn time to time) balance of the
loan balance loan balance
loan balance commencing current tranche
60 days
0.10% of the
Service Charge
None None None None None amount of each
Rate
disbursemente
Appraisal Fee 0.25% on the

None None None None None
Rate loan amount
0.30% or in the
aggregate
amount equal to
US$827,826.53
in one lump-sum
Management within 30 days
None None None None None
Fee Rate after the
effectivity date
but not later than
the date of the
first
disbursement
2021 4
Terms and Multilateral Bilateral

Conditions IBRD ADB AIIB AFD CEXIM KEXIM
Notes:
a
Amounts were translated to the United States Dollar (USD) for third currency-denominated loans and then to their
Philippine Peso (PHP) equivalent using the Bangko Sentral ng Pilipinas (BSP) reference exchange rate bulletin
(RERB) published as at January 3, 2022.
b
The maturity period includes the grace period.
c
The equivalent amount of the front-end fee is included in the allocation of the loan commitment for three program
loans namely: (a) Philippines First Financial Sector Reform Development Policy Loan (PFFSRDPL); (b) Fourth
Disaster Risk Management Development Policy Loan with a Catastrophe-Deferred Drawdown Option (CAT-DDO);
and (c) Promoting Competitiveness and Enhancing Resilience to Natural Disasters (PCERND) Subprogram 3
Development Policy Loan.
d
The commitment charges accrued after 60 days from the loan signing date until September 11, 2022, and June
21, 2023 for the Philippines COVID-19 Emergency Response Project-Additional Financing (PCERP-AF) and
PCERP-AF 2, respectively, shall be zero per cent. The closing date for both the PCERP-AF and AF 2 is on
December 29, 2023.
e
An amount equal to such service charge shall be financed out of the proceeds of the loan. The Bank shall pay
such amount to itself as the service charge on the date of each disbursement. Such disbursement out of the loan
shall constitute a valid disbursement of the loan under this LA.
Sources: CY 2021 Signed LAs and List of Active ODA Loans, DOF
As with CY 2020, majority of the loans contracted during the year or 86.77
per cent of the total CNLCs are COVID-related loans. A total of 15 new loans are in
support of eight programs and three projects which are part of the GoP’s ongoing
measures in mitigating the effects of the pandemic, as the State of Calamity was
extended throughout the Philippines until September 31, 20224. Of the 15 new loans,
7 were intended to support the GoP’s National Deployment and Vaccination Plan
(NDVP)5 for COVID-19 vaccines. A summary of the new loans as to program, activity,
and project (PAP) type/classification is shown in Table 3.
Table 3. Summary of CY 2021 New ODA Loans

No. of CNLC (in million)
No. of
Purpose/PAP Type Programs/
Loans USD PHP
Projects
COVID-related Program Loans 8 8 3,284.50 167,424.10
For policy reforms during the COVID
6 6 2,684.50 136,839.70
pandemic
For policy actions related to COVID
response and vaccine procurement/ 1 1 100.00 5,097.40
deployment
Contingent Credit 1 1 500.00 25,487.00
COVID-related Project Loans 7 3 2,280.00 116,220.72
For COVID response and procurement and
6 2 2,000.00 101,948.00
logistics for COVID vaccines
Other NGA projects retrofitted to support
1 1 280.00 14,272.72
the COVID response
Non-COVID-related Project Loans 4 4 848.12 43,232.10
Grand Total 19 15 6,412.62 326,876.92
Sources: SRNED as at December 31, 2021, BTr-DMAD; List of Active ODA Loans, DOF; and CY 2021 Signed LAs
and its related project documents
4
Proclamation Nos. 1021 and 1218 by the President of the Philippines dated September 16, 2020 and September 10, 2021,
respectively.
5
The NDVP was based on the National COVID-19 Vaccine Roadmap and approved by the Inter-Agency Task Force for the
Management of Emerging Infectious Diseases on January 21, 2021. The plan details among others, the financing and
implementation steps for vaccinating up to 70 million Filipinos in CY 2021.
2021 5
Out of the eight COVID-related program loans signed during the year, seven
program loans with CNLCs of P141,937.10 million (US$2,784.50 million) were policy-
based loans. These loans were contracted for programs executed by the DOF and
implemented by several NGAs and GOCCs/GFIs to support various policy reforms in:
(a) devolving the process of disaster risk reduction management (DRRM) and climate
change mandate to the local government units (LGUs) and addressing DRRM issues
at the local level; (b) improving equitable access to quality health services;
(c) enhancing the employment opportunities of the youth while incorporating
innovative features to address the broader challenges to the labor market caused by
the COVID-19 quarantine restrictions; (d) strengthening the local governance
framework as part of the national strategies for social and economic recovery; and
(e) securing financial sustainability and filling the budgetary gap in implementing the
COVID-19 vaccination program, among others.
The contingent credit with CNLC of P25,487.00 million (US$500.00 million)

was the Fourth Disaster Risk Management Development Policy Loan (DPL) with a
CAT-DDO6 contracted from the IBRD, to support the government’s strengthening of
the institutional and financial capacity to manage risk from climate change, natural
disasters and disease outbreaks such as COVID-19.
Moreover, out of the seven COVID-related project loans, six loans with total
CNLCs of P101,948.00 million (US$2,000.00 million) were contracted to fund two
projects of the Department of Health (DOH), under the SRCD sector, namely, the
Philippines COVID-19 Emergency Response Project (PCERP)7 financed by the IBRD
and Second Health Enhancement System to Address and Limit COVID-19 (HEAL 2)8
under the Asia Pacific Vaccine Access Facility (APVAX) with loan from the Asian
Development Bank (ADB), co-financed with the Asian Infrastructure Investment Bank
(AIIB). These loans were in support of the procurement and logistics9 of COVID-19
vaccines through the COVID-19 Vaccines Global Access (COVAX) facility or through
bilateral arrangements with vaccine manufacturers or distributors of safe and effective
primary vaccines, as well as the procurement of additional doses for the boosters and
primary vaccines for the eligible children. The HEAL 2 project financed by the ADB
and the AIIB aims to procure and deliver at least 150 million doses10 of COVID-19
vaccines.
The remaining COVID-related project loan with a CNLC of P14,272.72 million

(US$280.00 million) will be used for the second additional financing of the Philippine
6
The GoP has already contracted three DPLs with CAT-DDOs from IBRD in the previous years.
7
The PCERP was financed by three project loans, of which the first loan financing was contracted in CY 2020.
8
The HEAL 2 Project was financed by two project loans from the ADB and two project loans from the AIIB with CNLCs of
P33,133.10 million (US$650.00 million) and P28,035.70 million (US$550.00 million), respectively.
9
Out of the six loans for vaccine procurement, only the second additional financing for the PCERP from the IBRD and the additional
financing for the HEAL 2 from the ADB and the AIIB have allocation to support the end-to-end logistics and necessary supplies
for vaccination deployment. The loan allocation for the first additional financing for the PCERP and the two original project loans
for the HEAL 2 project, based on their respective project documents, are solely for the procurement of vaccines. Any other vaccine-
related costs such as the vaccine transportation/deployment, injection devices, storage and waste disposal, among others, shall
be covered by the government.
10
Based on the Project Administration Manual (PAM), this includes 40 million doses from the COVAX whose cost-share will be
financed by the project; and six million single doses of Johnson & Johnson vaccine.
2021 6
Rural Development Project (PRDP)11 implemented by the Department of Agriculture

(DA). The project aims to support the COVID-19 recovery plans for food security as
outlined in “We Recover as One” plan and the Ahon Lahat, Pagkain Sapat (ALPAS)
Kontra COVID-19 or the Plant, Plant, Plant initiative of the DA.
On the other hand, four non-COVID-related project loans contracted from

ADB, IBRD, Export-Import Bank of Korea (KEXIM), and Export-Import Bank of China
(CEXIM) during the year with total CNLCs of P43,232.10 million (US$848.12 million)
will finance the three INFRA projects of the Department of Public Works and Highways
(DPWH) and Department of Transportation (DOTr), and one ITT sector project of the
Department of the Interior and Local Government (DILG). These projects are the
Metro Manila Bridges Project (MMBP) and Philippines Seismic Risk Reduction and
Resilience Project (PSRRRP) of the DPWH, the Maritime Safety Enhancement
Project (MSEP) of the DOTr, and the Safe Philippines Project, Phase 1 (SPP 1) of the
DILG. The MMBP, PSRRRP, and SPP 1 are part of the revised list of infrastructure
flagship projects (IFPs) of the NEDA as at May 12, 2021 under the Build, Build, Build
Program with Investment Coordination Committee (ICC)-approved total project costs
of P9,163.00 million, P15,086.80 million and P20,314.00 million, respectively.
In CY 2021, no loan cancellations were made for the 106 active loans,
however, the BTr-DMAD reported loan cancellations of P515.86 million (US$10.12
million) for two loans which were financially closed in CY 2020. Of the said amount,
P84.62 million (US$1.66 million) pertains to the unwithdrawn loan commitment which
was cancelled by the DP on January 20, 2021 after the completion of the Road
Improvement and Institutional Development Project (RIIDP) implemented by the
DPWH, while the loan cancellation of P431.24 million (US$8.46 million) was due to
the effect of the refund of unutilized loan availment by the Department of Social
Welfare and Development (DSWD) to the IBRD for the KALAHI-CIDDS National
Community-Driven Development Project (KC-NCDDP).
During the year, the ADB approved the GoP’s request for changes/updates
to the project/program purposes and the re-allocation of loan commitments for the
HEAL 1 project implemented by the DOH and the Secondary Education Support
Program (SESP) implemented by the Department of Education (DepEd). To effect the
changes/updates on the loan, the ADB made the necessary amendments to the LAs
which were then concurred with by the DOF in March and October 2021 for HEAL 1
and SESP, respectively. Details are shown in Table 4.
Table 4. Details on the Amendment of Two ADB Loans

Date in DD/MM/YY
Program/
Endorsement Approval Date Confirmation Particulars
Project Name
Datea by ADB Date of DOFb
Health The amendment pertains to an
Enhancement additional provision for the procure-
System to 02-Dec-2020 29-Jan-2021 08-Mar-2021 ment of eligible COVID-19 vaccines
Address and with an allocation of P1,274.35 millionc
Limit COVID-19 (US$25.00 million) out of the
11
Although the PRDP was implemented before the COVID-19 pandemic, the proposed second additional financing has been
retrofitted to support the government’s efforts to ensure economic recovery and strong agricultural value chains in response to
the COVID-19 pandemic.
2021 7
Date in DD/MM/YY
Program/
Endorsement Approval Date Confirmation Particulars
Project Name
Datea by ADB Date of DOFb
P6,371.75 millionc (US$125.00 million)
approved loan commitment in CY
2020.
The amendment pertains to additional

disbursement link indicators (DLIs)
with a disburse-ment allocation of
P1,529.22 millionc (US$30 million) on
Secondary 23-Mar-2021 achieving at least 75 per cent gross
Education 29-Feb-2021 and 19-Oct-2021 enrolment rate in secondary schools in
Support Program 10-May-2021 School Year (SY) 2021-2022. With the
amendment, the allocated loan
amounts for the DLI outputs 2 and 6
were both reduced by P764.61 millionc
(US$15 million).
Notes:
a
Date of the letter-request of the GoP for restructuring
b
Confirmation date of the DOF to ADB’s proposed amendments to the LAs
c
The approved re-allocation amounts were translated to their PHP equivalent using the BSP’s RERB published as
at January 3, 2022.
Sources: Letters of the ADB addressed to the Secretary of Finance dated February 2, 2021 and May 11, 2021 for
HEAL 1 and SESP, respectively
1.1.2 AVAILMENTS AND UNDRAWN COMMITMENTS
Out of the total 106 active ODA loans, availments of P276,594.07 million
(US$5,616.24 million) were made during the year from 65 loans, net of refunds of
P508.13 million (US$9.76 million) from two loans, which resulted in the undrawn
commitments of P785,323.62 million (US$15,406.36 million) of 86 loans as at
December 31, 2021. Details of the CY and cumulative availments, as well as the
undrawn commitments of these loans are shown in Table 5.
Table 5. Availments and Undrawn Commitments of Active Loans as at December 31, 2021
Availments Undrawn
Commitments as at
CNLC As at December 31,
No. of For CY 2021a December 31,
Status 2021b
Loans 2021c
Amounts in million
USD PHP USD PHP USD PHP USD PHP
Effective 100 27,808.58 1,417,514.61 5,616.24 276,594.07 14,577.32 743,064.54 13,231.26 674,450.07
Not Yet
6 2,175.10 110,873.55 - - - - 2,175.10 110,873.55
Effective
Total 106 29,983.68 1,528,388.16 5,616.24 276,594.07 14,577.32 743,064.54 15,406.36 785,323.62
Notes:
a
CY 2021 availments are reported at the BSP’s annual average foreign exchange (ForEx) rates of the USD and
PHP for CY 2021 to account for inter-period fluctuations in the ForEx rates during the year.
b
Cumulative availments as at December 31, 2021 are reported at the ForEx rates of the USD and PHP as at
January 3, 2022 per the BSP’s RERB.
c
Includes newly signed loans which are yet to be availed in subsequent years.
Source: SRNED as at December 31, 2021; BTr-DMAD
A comparison of the availments in CY 2021 with the CY 2020 levels revealed

that there was a net decrease of P150,089.90 million (US$2,983.34 million) or by
35.18 per cent, as illustrated in Chart 2.
2021 8
Chart 2. Comparison of CY 2020 and 2021 Availments (Amounts in million)

2020 2021
350,000.00
18
300,000.00
250,000.00
CY AVAILMENTS
200,000.00
150,000.00
12
7
100,000.00
8
35 32
50,000.00 12
11 2 3
-
AARNR GID INFRA ITT SRCD
SECTOR/NO. OF LOANS
Sector 2020 2021 Increase/(Decrease)

USD PHP USD PHP USD PHP %*
AARNR 190.05 9,429.85 401.57 19,771.98 211.52 10,342.13 109.67
GID 6,246.90 309,944.06 2,048.10 100,870.07 (4,198.80) (209,073.99) (67.46)
INFRA 843.14 41,831.69 916.71 45,135.94 73.57 3,304.25 7.90
ITT 6.20 307.45 6.61 325.60 0.41 18.15 5.90
SRCD 1,313.29 65,170.92 2,243.25 110,490.48 929.96 45,319.56 69.54
Total 8,599.58 426,683.97 5,616.24 276,594.07 (2,983.34) (150,089.90) (35.18)
*Note: Percentage is computed using the PHP figures.
Source: SRNED as at December 31, 2021 and 2020, BTr-DMAD
A significant portion of the decrease was mainly due to the higher CY 2020
availments for the GID sector from 18 loans which were contracted in previous years,
of which, 17 were already fully disbursed within the same year and were mostly
contracted to provide budgetary support to the GoP’s emergency response to the
COVID-19 pandemic, and to support other policy reforms which are key to the GoP’s
operations. For CY 2021, availments were made from seven loans; five of which were
fully disbursed as at the end of the year, accounting for P96,769.18 million
(US$1,964.84 million) or 95.93 per cent of the total CY 2021 level for the GID sector.
These loans were contracted from various DPs to provide budgetary support to:
disaster resilience/risk management reforms, financial sector reforms, and the GoP’s
other policy actions in relation to the COVID-19 vaccination program, among others.
Initial availments of P37.38 million (US$0.76 million) were likewise made from the
loan for the Local Governance Reform Project (LGRP) mainly implemented by the
Bureau of Local Government Finance (BLGF).
In contrast, availments of the remaining sectors (SRCD, AARNR, INFRA, and

ITT) generally reported increases in the CY 2021 levels by a total of P58,984.09
million (US$1,215.46 million). The SRCD sector reported the largest increase in
availments, contributing a total of P45,319.56 million (US$929.96 million) to the
overall increase. This was primarily due to the increase in the number of availed loans
from eight in the previous year, to 12 in CY 2021. As the availments in the previous
year for the SRCD sector were mostly intended for programs that help mitigate the
2021 9
impacts of the COVID-19 pandemic on low-income households (i.e. the DSWD’s

Pantawid Pamilyang Pilipino Program or the 4Ps), the CY 2021 availments were, in
addition, mostly for programs and projects intended to strengthen the GoP’s response
to COVID-19 through the procurement and deployment of vaccines. These were the
HEAL 1, HEAL 2, and the PCER projects of the DOH with total availments of
P52,466.42 million (US$1,065.21 million), which account for nearly half or 47.49 per
cent of the total SRCD sector availments.
Availments were likewise noted for the continued support and expansion of
DSWD’s existing programs and projects which also form part of the GoP’s response
measures to the socio-economic impacts of COVID-19, through the Beneficiary
FIRST Social Protection Program (FIRST), Expanded Social Assistance Project
(ESAP), and the additional financing for the KC-NCDDP12 totaling P34,228.70 million
(US$694.93 million). Refunds of unutilized loan proceeds of P416.60 million (US$8.46
million) by the DSWD to the IBRD, following completion of the original KC-NCDDP in
CY 2018, were offset against the increase. The said loan was already financially
closed as at the end of CY 2020.
For the AARNR sector, a significant portion of the increase was attributed to
the availments by the DILG from the program loan supporting the Disaster Risk
Reduction Enhancement at the Local Level (DRREALL) program, contracted during
the year, and was already fully disbursed as at December 31, 202113. The said loan
reported total availments of P14,572.92 million (US$296.00 million), accounting for
73.70 per cent of the total CY 2021 availments for the AARNR Sector. The
Department of Environment and Natural Resources (DENR) and National Irrigation
Administration (NIA), likewise, saw overall improvements in loan availment,
particularly for the following projects: (a) Forestland Management Project (FRMP)
(DENR); (b) National Irrigation Sector Rehabilitation and Improvement Project
(NISRIP) (NIA); (c) Jalaur River Multi-Purpose Project Stage II (JRMP 2) (NIA); (d)
Integrated Natural Resources and Environmental Management Project14 (INREMP)
(DENR and NIA); and the (e) Chico River Pump Irrigation Project (CRPIP) (NIA).
In addition, one loan contracted in CY 2020 to finance the Support to

Parcelization of Lands for Individual Titling (SPLIT) Project of the Department of
Agrarian Reform (DAR), reported initial availments of P16.85 million (US$830.15
million), which likewise contributed to the increase. The SPLIT project previously
encountered budgetary issues in CY 2020, particularly in the allotment releases for
the loan proceeds.
For the INFRA sector, the increase was mostly attributed to the DOTr and
DPWH, the main IAs of the GoP’s IFPs, which reported availment increases for 17
loans. Most significant of these are the availment increases for the following projects:
(a) North-South Commuter Railway Project, Phase I (Malolos-Tutuban) (NSCRP I)
12
Although the KC-NCDDP was implemented pre-pandemic, additional financing was contracted to scale up its impact, in
particular by supporting the GoP in implementing a community-based response to the impact of the COVID-19 pandemic in 676
poor municipalities. (Sources: Project Information Documents (PID); IBRD)
13
The program aims to support the DILG in the process of decentralizing the mandate and services for disaster risk reduction and
climate change management to the LGUs. (Source: Loan Agreement)
14
The DENR refunded unutilized proceeds of P91.52 million (US$1.30 million) for the loan financing the INREMP, following
completion of the specific project components implemented by the DENR, and were offset against the overall increase.
2021 10
(DOTr); (b) Davao City Bypass Construction Project (DCBCP) (DPWH); (c) Metro Rail
Transit Line 3 Rehabilitation Project (MRT3-RP) (DOTr); (d) Improving Growth
Corridors in Mindanao Road Sector Project (IGCMRSP) (DPWH); (e) Maritime Safety
Capability Improvement Project II (MSCIP II) (DOTr); and the (f) Pasig-Marikina River
Channel Improvement Project (Phase IV) (PMRCIP IV) (DPWH). These collectively
account for P24,884.85 million (US$505.44 million) or 55.13 per cent of the total
INFRA sector availments in CY 2021. The Local Water Utilities Administration
(LWUA) likewise reported increases in the availment of one loan financing the Water
District Development Sector Project (WDDSP), from P10.37 million (US$0.21 million)
in CY 2020 to P179.30 million (US$3.64 million) in CY 2021.
Moreover, initial availments for three loans contracted in CY 2019, to finance

the Road Network Development Project in Conflict-Affected Areas in Mindanao
(RNDP) of the DPWH, the project management consultancy for the South Long Haul
Project (SLHP) of the DOTr/Philippine National Railways (PNR), and additional
financing for the Infrastructure Preparation and Innovation Facility15 (IPIF), which
previously encountered delays in procurement due to COVID-19 and budgetary
issues in CY 2020; contributed a total of P1,663.42 million (US$33.77 million) to the
total increase in INFRA sector availments.
For the ITT sector, the increases in availment levels were attributed to two
loans financing the Capacity Building to Foster Competition Project (CBFCP) of the
Philippine Competition Commission (PCC), and the Philippines Customs
Modernization Project (PCMP) of the Bureau of Customs (BOC), with CY 2021
availments totaling P114.82 million (US$2.33 million), accounting for 35.26 per cent
of the total CY 2021 level for the ITT sector. The PCMP loan was effective on January
2021 but availment started only in October 2021.
Conversely, a total of 15 loans for projects of various IAs under the

aforementioned sectors, were reported to have significant decreases in availments in
CY 2021. Details are shown in Table 6.
Table 6. Loans with Significant Declines in Availments in CY 2021

CY 2020 Availment CY 2021 Availment Increase/(Decrease)
No. of
IA Amounts in million
Loans %
DA 2 124.12 6,159.21 30.50 1,502.23 (93.62) (4,656.98) (75.61)
BFAR 1 4.14 205.37 2.74 134.89 (1.40) (70.48) (34.32)
DENRa 1 10.04 498.06 7.93 390.59 (2.11) (107.47) (21.58)
DOTr 4 414.07 20,545.05 213.91 10,533.14 (200.16) (10,011.91) (48.73)
DPWH 4 100.03 4,961.93 40.98 2,017.67 (59.05) (2,944.26) (59.34)
DPWH/
1 14.28 708.49 11.77 579.73 (2.51) (128.76) (18.17)
DOTrb
DTI 1 5.00 248.12 4.28 210.78 (0.72) (37.34) (15.05)
MWSS 1 8.74 433.59 1.19 58.67 (7.55) (374.92) (86.47)
Total 15 680.42 33,759.82 313.30 15,427.70 (367.12) (18,332.12)
Notes:
a
Pertains to loan ADB 2957-PHI for the INREMP which was closed as at December 31, 2021.
b
Pertains to loan ADB 3589-PHI, or the original loan for the IPIF, contracted in CY 2017.
Source: SRNED as at December 31, 2021 and 2020, BTr-DMAD
15
The IPIF aims to support the DPWH and the DOTr deliver more effective and more innovative infrastructure projects by
conducting pre-investment activities that will help accelerate the approval process and ensure timely, high quality procurement
and implementation. (Source: BSP Monetary Board Approval-in-Principle dated August 29, 2017).
2021 11
There were significant decreases in the loan availments ranging from 14.58
to 77.84 per cent (48.73 per cent overall) for four DOTr projects namely, the: (a)
Malolos-Clark Railway Project - Tranche 1; (b) Metro Manila Subway Project Phase
I; (c) New Cebu International Container Port Project; and the (d) North-South
Commuter Railway Extension Project (I), mostly due to insufficient appropriations in
the General Appropriations Act (GAA) of the DOTr for CY 2021 to cover the loan
proceeds of the said loans.
The DA also reported significant decreases in availments totaling 75.61 per

cent for the two loans financing the Philippine Rural Development Project (PRDP). As
per the DA, the PRDP still has enough balances in its project accounts from the
previous year’s availments to fund the subprojects and other operational costs in
CY 2021.
Lastly, the DPWH reported significant declines ranging from 1.53 to 75.48 per
cent (59.34 per cent overall) in the loan availments for the following projects: (a)
Central Luzon Link Expressway Project; (b) Metro Manila Interchange Construction
Phase VI; (c) Panguil Bay Bridge Project; and the (d) Road Upgrading and
Preservation Project. Among the reasons reported by the DPWH for the decreases in
availments were suspensions in the implementation due to the failure of biddings,
road-right-of-way acquisition issues, absence of contracts between the project
contractors and construction supply manufacturers, COVID-19 restrictions, and
extension of the budget allocations for the loan proceeds availed in the previous
years.
Out of the 100 effective loans reported in Table 5, a total of 14 were without
availments during the year with total CNLCs of P108,583.26 million (US$2,130.17
million), financing 11 projects of various IAs. These loans were contracted in the
previous years, and are set to close in CYs 2022 to 2029. Details are shown in
Table 7.
Table 7. Effective Loans Without Availment in CY 2021

% Availed
CNLC (in million)
Closing No. of as at
Project Name IA DP
Year Loans December
USD PHP
31, 2021a
1. Cebu Bus Rapid Transit Project IBRD/ 2023/ 0.00/
DOTr 2 82.92 4,226.63
(CBRTP) AFD 2023 5.89
2. EDSA Greenways Project ADB/ 2023/ 0.00/
DOTr 2 138.00 7,034.41
(EDSA Greenways) AIF 2023 0.00
3. Metro Manila Bus Rapid
0.00/
Transport – Line 1 Project DOTr IBRD 2022 2 64.60 3,292.92
0.25
(MMBRT 1)
4. Cebu-Mactan Bridge
(4th Bridge) and Coastal Road
DPWH JICA 2029 1 1,036.42 52,830.62 0.00
Construction Project (CMB 4th
Bridge CRCP)
5. Davao City Bypass
Construction Project II DPWH JICA 2025 1 302.78 15,433.76 0.00
(DCBCP II)
6. Metro Manila Priority Bridges
Seismic Improvement Project II DPWH JICA 2026 1 38.33 1,953.70 0.00
(MMPBSIP 2)
2021 12
% Availed
CNLC (in million)
Closing No. of as at
Project Name IA DP
Year Loans December
USD PHP
31, 2021a
7. Philippines-Korea Project DPWH/
KEXIM 2025 1 49.01 2,498.26 0.00
Preparation Facility (KPPF) NIA
8. Harnessing Agribusiness
Opportunities through Robust
and Vibrant Entrepreneurship LBP JICA 2024 1 42.84 2,183.68 53.06
Supportive of Peaceful
Transformation (HARVEST)
9. Angat Water Transmission
Improvement Project -
MWSS ADB 2024 1 126.02 6,423.74 0.00
Additional Financing
(AWTIP-AF)
10. New Bohol Airport
Construction and Sustainable DOTr JICA 2026 1 38.04 1,939.08 26.22
Environment Protection Project
b
(II) (NBACSEP 2)
11. New Centennial Water Source-
Kaliwa Dam Project (NCWS- MWSS CEXIM 2025 1 211.21 10,766.46 15.00
KDP)
Total 14 2,130.17 108,583.26
Notes:
a
Computed as the total availments from the loan as at December 31, 2021 (if any) divided by the CNLC.
b
The NBACSEP 2 was already completed in CY 2018. The remaining loan balances are for the completion of
rectification/remedial works on defects observed during the defects notification period.
Source: SRNED as at December 31, 2021, BTr-DMAD
Out of the above-mentioned loans, only the financing for the KPPF (DPWH
portion) and MMPBSIP 2 were with budget allocations for the loan proceeds under
the CY 2021 Fiscal Program16 thus, no availments were expected for the remaining
loans for the other DPWH and DOTr projects in CY 2021. No availments were made
from the MMPBSIP 2 loan despite the budget allocation, as the civil works for the said
project are still under the procurement stage. The loan financing the HARVEST17
project, although already 53.06 per cent availed, will no longer be availed by the Land
Bank of the Philippines (LBP) pursuant to the recommendations of the DOF. The loan
schemes under the project are no longer competitive against the prevailing market
rates/low-interest rate regimes, and against other socialized credit programs funded
by the NG. The undrawn loan balances are expected to be cancelled subject to the
approval of the concerned government oversight agencies.
Also notable among the 14 loans are the two loans financing the MMBRT 1
project which were zero to 0.25 per cent availed as at December 31, 2021, but are
set to close by the end of CY 2022. The project encountered several implementation
and budgetary issues, and thus, no allocations for the loan proceeds were included
in the DOTr’s budget appropriations for fiscal years (FYs) 2020 and 2021. The loans
already accumulated commitment fees (CFs) of P17.44 million (US$0.35 million) as
at December 31, 2021. The four loans financing the CBRTP and the EDSA
16
As per Table B.14 of the Budget of Expenditures and Sources of Financing (BESF) for FY 2022 published by the Department
of Budget and Management (DBM), the KPPF and MMPBSIP 2 were with budgeted expenditures of P265,905.00 million (for
DPWH) and P100.00 million respectively for CY 2021.
17
The HARVEST project aims to create employment in the areas within the ARMM and other conflict-affected areas following the
value chain concept by supporting agribusiness and agribusiness-related investments, through a two-step loan scheme: retail
lending scheme (between borrower and sub-borrowers); and a wholesale lending scheme through intermediary institutions.
(Source: Loan Agreement)
2021 13
Greenways project accumulated CFs as well, totaling P42.26 million (US$0.85 million)
and P6.95 million (US$0.14 million) respectively, as at December 31, 2021.
Out of the total availments in CY 2021, P592.37 million (US$12.03 million)

pertains to capitalized CFs, front-end fees, interests, and service charges of 15 loans
contracted from the ADB, IBRD, JICA, and KEXIM. Provisions in the LAs of the ADB,
IBRD, and JICA loans, allow them to withdraw from the loan accounts, certain
expenditures such as interests, CFs, front-end fees, and other charges incurred
during the construction and/or implementation of the project, as payments to
themselves whenever due. KEXIM loans, on the other hand, have stipulations in the
LAs to charge one-tenth of one per cent on each disbursement, which KEXIM
withdraws as payment to itself. Details of the capitalized expenditures incurred in CY
2021 are shown in Table 8.
Table 8. Capitalized Charges in CY 2021

No. CF Front-end Fee Interest Service Charge Total
DP of Amounts in million
Loans
USD PHP USD PHP USD PHP USD PHP USD PHP
ADB 4 0.62 30.49 - - 1.27 62.55 - - 1.89 93.04
IBRD 4 - - 6.50 320.15 - - - - 6.5 320.15
JICA 1 0.04 2.21 - - 3.46 170.31 - - 3.5 172.52
KEXIM 6 - - - - - - 0.14 6.66 0.14 6.66
Total 15 0.66 32.70 6.50 320.15 4.73 232.86 0.14 6.66 12.03 592.37
Sources: CY 2021 Detailed summary of availments, BTr - National Government Debt Accounting Division (BTr-
NGDAD); and Capitalized DSEs for ODA Loans reported by GOCCs/GFIs as verified by Commission on Audit (COA)
auditors.
As to ODA loan availments for COVID-19 response, 35 out of the 106 active
loans with CNLCs of P694,245.00 million (US$13,619.59 million), were considered
COVID-related borrowings. A total of 28 out of the 35 loans reported availments of
P475,453.82 million (US$9,327.38 million) or a total of 85.26 per cent of their overall
CNLCs of P557,634.68 million (US$10,939.59 million). A breakdown of these COVID-
related loans and their availments as at December 31, 2021 is shown in Table 9.
Table 9. Availments of COVID-related Loans as at December 31, 2021

CNLC Availments as at December 31, 2021
No. of
Purpose Amounts in million %
Loans
USD PHP USD PHP Availed
Contingent Credits 3 1,434.65 73,129.85 1,017.15 51,848.20 70.90
For COVID-19
7 3,225.44 164,413.60 3,225.44 164,413.60 100.00
Active/Emergency response
For NGA programs that help
4 1,600.00 81,558.40 1,272.23 64,850.56 79.51
mitigate the impacts of COVID-19
For budgetary support to policy
reforms during the COVID-19 6 2,484.50 126,644.90 2,484.50 126,644.90 100.00
pandemic
For other NGA projects
repurposed, scaled-up, or 2 670.00 34,152.58 154.70 23.09
7,885.84
retrofitted for COVID response
For COVID response and
vaccine procurement/ 6 1,525.00 77,735.35 1,173.36 59,810.72 76.94
deployment
Total 28 10,939.59 557,634.68 9,327.38 475,453.82 85.26
2021 14
As at December 31, 2021, a total of 86 loans were reported to have undrawn

loan commitments of P785,323.62 million (US$15,406.36 million) and can be availed
in subsequent years up to CY 2030. A breakdown of the 86 loans with undrawn
commitments is shown in Table 10.
Table 10. Loans with Undrawn Commitments as at December 31, 2021
No. of Amounts in million % to
Loan Type Closing Year
Loans USD PHP Total
Program 2022-2025 8 2,503.70 127,623.81 16.25
Project 2021*-2030 78 12,902.66 657,699.81 83.75
Total 86 15,406.36 785,323.62 100.00
*Note: Includes loans that should have closed in CY 2021 but are with undrawn loan commitments that are either
to be cancelled or with loan closing dates to be extended.
Out of the loans with undrawn balances, a total of nine project loans with
undrawn commitments of P70,154.95 million (US$1,376.30 million) had extended
loan closing dates in CY 2021. These loans were extended up to CYs 2022 to 2024,
with total loan closing dates from one year to more than five years from their original
closing dates. Details are shown in Table 11.
Table 11. Loans with Loan Closing Date Extensions in CY 2021

Undrawn
Original Revised Loan Commitments
Loan ID
Name of Project DP IA Closing Closing Extension (in million)
No. (in years)
Date Date
USD PHP
1. Jalaur River Multi-
28-May- 9-Aug-
Purpose Project PHL-15 KEXIM NIA 5.20 143.65 7,322.51
2018 2023
Stage II (JRMP 2)
2. Integrated Natural
Resources and
I-890- 31-Dec- 30-Jun-
Environmental ADB DENR 1.49 3.98 202.85
PH 2020 2022
Management Project
(INREMP)
3. Integrated Disaster
Risk Reduction and
Climate Change
Adaptation 14-Nov- 30-Jun-
PHL-17 KEXIM DPWH 3.62 26.38 1,344.49
Measures in the 2019 2023
Low-Lying Areas of
Pampanga Bay
(IDRR-CCA)
4. Cebu Bus Rapid
8444- 30-Jun- 30-Jun-
Transit Project IBRD DOTr 2.00 93.93 4,787.74
PH 2021 2023
(CBRTP)
5. Cebu Bus Rapid
TF0176 30-Jun- 30-Jun-
Transit Project IBRD DOTr 2.00 25.00 1,274.35
46-PH 2021 2023
(CBRTP)
6. Convergence on
Value-Chain
Enhancement for PH- 30-Jun- 30-Jun-
IFAD DAR 1.00 5.16 262.84
Rural Growth and 1259 2022 2023
Empowerment
Project
7. Panguil Bay Bridge 03-Aug- 31-Mar-
PHL-18 KEXIM DPWH 2.66 66.70 3,400.15
Project 2021 2024
8. Infrastructure
3589- DPWH/ 30-Jun- 31-Dec-
Preparation and ADB 0.50 53.67 2,735.53
PHI DOTr 2022 2022
Innovation Facility
2021 15
Undrawn
Original Revised Loan Commitments
Loan ID
Name of Project DP IA Closing Closing Extension (in million)
No. (in years)
Date Date
USD PHP
9. Malolos-Clark
3796- 30-Jun- 30-Jun-
Railway Project - ADB DOTr 1.00 957.83 48,824.49
PHI 2022 2023
Tranche 1
Total 1,376.30 70,154.95
Source: List of Active ODA Loans as at December 31, 2021, NEDA - Monitoring and Evaluation Staff - Systems and
Data Analysis Division (NEDA - MES-SDAD)
Notable among the above are the loans financing the JRMP 2, INREMP, and
the IDRR-CCA project which were already extended several times in previous years.
In addition, one loan financing the completed project, New Communications,
Navigations Surveillance/Air Traffic Management (NCNS/ATM) System Development
Project, with a remaining undrawn balance of P3,024.42 million (US$59.33 million) is
set to close by the end of CY 2021 and is being requested for loan closing date
extension18.
As at December 31, 2021, there were four loans with undrawn loan balances
of P927.07 million (US$18.19 million) that were closed during the year. The remaining
balances of these loans will be cancelled by their respective DPs once financially
closed, or once identified that no further disbursements will be made from the said
loans. Details of these loans are shown in Table 12.
Table 12. Closed Loans with Undrawn Loan Balances as at December 31, 2021
Actual Undrawn Loan
Loan ID
Name of Project IA DP Closing Balances (in million)
No.
Date USD PHP
MMCC
1. Italian Agrarian Reform Community Italian 31-Oct-
DAR EUR26.1 3.07 156.51
Development Support Program Gov’t 2021
9M
2. National Irrigation Sector Rehabilitation JBIC 31-Dec-
NIA JICA 11.32 576.81
and Improvement Project PH-P254 2021
3. Integrated Natural Resources and 2957- 31-Dec-
DENR ADB 2.88 146.65
Environmental Management Project PHI 2021
4. Scaling-Up the Second Cordillera
2000001 31-Dec-
Highland Agricultural Resource DA IFAD 0.92 47.1
773-PH 2021
Management Project (CHARMP2)
Total 18.19 927.07
1.1.3 DEBT SERVICE EXPENDITURES
During the year, the BTr and various GOCCs/GFIs reported debt service
expenditures (DSEs) for ODA loans totaling P67,047.94 million for 339 NG-Direct
loans, P2,245.73 million for 12 NG loans relent to GOCCs/GFIs (NG-Relent), and
P8,575.33 million for 39 NG-guaranteed loans. The DSEs consisted of principal
repayments, interests, commitment fees (CFs), and other financial charges, as
summarized in Table 13.
18
The NCNS/ATM project was already completed in CY 2019, with the remaining loan balances to fund the review of
contractor’s claims. As per DOF-IFG’s list of active loans as at December 31, 2021, the NCNS/ATM is classified as ongoing for
loan extension.
2021 16
Table 13. DSEs for CY 2021

Principal Other
No. of Interest CF Totala
Debtor Repayment Charges
Loans
Amounts in million PHP
NG-Direct 339 53,383.10 12,588.19 427.53 649.12 67,047.94
NG-Relent 12 1,978.04 267.69 - 0.00b 2,245.73
NG-Guaranteed 39 7,373.65 1,154.31 38.07 9.30 8,575.33
Total 390 62,734.79 14,010.19 465.60 658.42 77,869.00
% to Total DSE 80.56 17.99 0.60 0.85 100.00
Notes:
a
Amounts are based on actual peso equivalents at the transaction dates.
b
Other charges paid for NG-Relent loans in CY 2021 pertained to bank charges amounting to P5,305.41.
Sources: Detailed DSEs of Foreign Loans-Direct, Relent to GOCCs/GFIs, and NG Advances for Guaranteed Loans
for CY 2021, BTr-NGDAD; and DSEs for ODA Loans reported by GOCCs/GFIs as verified by COA auditors
Of the total DSEs, a total of P3,536.33 million was paid for DSEs of 33 NG-
Direct ODA loans contracted for various programs and projects that respond to the
COVID-19 pandemic. These include interests, CFs, and other charges for COVID-
related loans. As the loans are still under their respective grace periods, no principal
repayments had been made for these loans during the year. Details are shown in
Table 14.
Table 14. DSEs for COVID-related Loans

No. of Interest CF Other Charges Total
Type of Loan
Loans Amounts in million PHP
Program* 25 2,745.61 51.73 359.19 3,156.53
Project 8 110.28 101.74 167.78 379.80
Total 33 2,855.89 153.47 526.97 3,536.33
*Note: Inclusive of one hybrid loan which is composed of program and project loan under IBRD Loan ID No. 9168-
PH for Philippines Beneficiary FIRST Social Protection Program
As to DP, P45,026.44 million or 57.82 per cent of the total DSE were paid to
multilateral DPs which were mostly paid to the ADB and IBRD. The remaining
P32,842.56 million or 42.18 per cent were paid to bilateral DPs of which more than
half was paid to the JICA, as presented in Table 15. The ADB, IBRD, and JICA loans
remained the top contributors to the debt service payments.
Table 15. DSEs per DP for CY 2021

Other % to
No. of Principal Interest CF Total
DP Charges* Total
Loans
Amounts in million PHP DSE
Multilateral 170 34,525.92 9,552.33 396.15 552.04 45,026.44 57.82
ADB 88 23,575.23 3,783.77 201.52 0.77 27,561.29 35.39
IBRD 61 10,310.14 5,385.87 160.23 499.98 16,356.22 21.01
IFAD 12 472.09 52.43 - 0.00 524.52 0.67
Others 9 168.46 330.26 34.40 51.29 584.41 0.75
Bilateral 220 28,208.87 4,457.86 69.45 106.38 32,842.56 42.18
JICA 149 19,813.85 3,355.24 19.15 4.21 23,192.45 29.78
BNP
4 2,392.43 129.60 - 1.16 2,523.19 3.25
PARIBAS
JEXIM 1 1,271.02 20.52 - 0.00 1,291.54 1.66
2021 17
Other % to
No. of Principal Interest CF Total
DP Charges* Total
Loans
Amounts in million PHP DSE
Others 66 4,731.57 952.50 50.30 101.01 5,835.38 7.49
Grand Total 390 62,734.79 14,010.19 465.60 658.42 77,869.00 100.00
*Note: Other charges paid to the International Fund for Agricultural Development (IFAD) and Japan Export-Import
Bank (JEXIM) pertained to bank charges amounting to P3,601.75 and P600.35, respectively.
As compared to the CY 2020 level, the total DSEs for CY 2021 was relatively
lower by P8,810.00 million or 10.16 per cent, as shown in Chart 3. The net decrease
was partly due to the appreciation of the PHP against the USD by 0.75 per cent, from
a weighted average of P49.62 in CY 2020 to P49.25 in CY 202119.
Chart 3. Comparative DSEs

(Amounts in million PHP)
70,000.00
60,000.00
50,000.00
40,000.00
30,000.00
20,000.00
10,000.00
0.00
PRINCIPAL INTEREST COMMITMENT OTHER FINANCIAL
FEES CHARGES
2021 2020
Year Principal Interest CF Others Total

2021 62,734.79 14,010.19 465.60 658.42 77,869.00
2020 64,025.16 20,430.32 357.80 1,865.72 86,679.00
Increase/(Decrease) (1,290.37) (6,420.13) 107.80 (1,207.30) (8,810.00)
% Increase/(Decrease) (2.02) (31.42) 30.13 (64.71) (10.16)
Note:
Amounts include capitalized DSEs at the transaction date amounting to P556.07 million and P784.06 million for
CYs 2021 and 2020, respectively.
for CY 2021 and 2020, BTr-NGDAD; and DSEs for ODA Loans reported by GOCCs/GFIs as verified by COA auditors
for CY 2021 and 2020
Further, 18 NG-Direct loans, two NG-Relent loans, and two NG-guaranteed

loans matured during the year, with final repayments totaling P6,879.84 million. Two
more NG-guaranteed loans that financed the Small & Medium Enterprise
Development Support Project and the Small Medium Enterprise Financing
Programme of the Small Business Corporation, formerly Small Business Guarantee
and Finance Corporation, were already fully paid during the year, despite their
forthcoming maturities in CYs 2024 and 2045, respectively. The Small Business
Corporation made total prepayments of P757.71 million for the said loans in CY 2021.
19
Philippine Peso per US Dollar Exchange Rate (https://www.bsp.gov.ph/statistics/external/Table%2012.pdf?)
2021 18
According to the Small Business Corporation Board Resolution, the said prepayments
will be more beneficial as it will generate indicative net savings when comparing the
total interest payments to be made until maturity, to the total investment income if said
principal balances were to be placed in long-term government securities for the
remaining tenor.
The interest payments of P14,010.19 million in CY 2021 had decreased by

P6,420.13 million or 31.42 per cent as compared to the CY 2020 level. A significant
portion of this decrease was due to the interest payments for the ADB and IBRD loans
which are usually based on the London Interbank Offered Rate (LIBOR). The LIBOR
for CY 2021 averaged 0.2020 per cent which was lower as compared to the CY 2020
average yield of 0.89 per cent, thus contributing to the said decrease.
On the other hand, of the total CFs paid during the year, P25.91 million were
paid for four NG-Direct and one NG-Guaranteed loans which remained unavailed as
at year-end. Two out of these four unavailed NG-Direct loans already incurred CFs in
prior years with cumulative CFs totaling P11.93 million as at year-end. Details are
summarized in Table 16.
Table 16. Cumulative CFs for Unavailed ODA Loans as at December 31, 2021
CFs*
Loan Loan (In Million PHP)
Project Name IA Creditor
ID No. Effectivity Cumulative as at
CY 2021
Year-end
NG-Direct Loans 19.86 27.47
1. Cebu Bus Rapid TF0176
DOTr IBRD 3-Dec-14 2.20 6.74
Transit Project 46-PH
2. Metro Manila Bus
Rapid Transport –
TF0A2
Line 1 Project DOTr IBRD 15-Mar-19 2.12 5.19
129-PH
(Clean
Technology Fund)
3. EDSA Greenways 4043-
DOTr ADB 2-Mar-21 6.95 6.95
Project PHI
4. Second Additional
Financing for
9271-
Philippine Rural DA IBRD 24-Sep-21 8.59 8.59
PH
Development
Project
NG-Guaranteed Loans 6.05 6.05
Angat Water
Transmission
3935- MWS
Improvement ADB 20-Nov-20 6.05 6.05
PHI S
Project - Additional
Financing
Grand Total 25.91 33.52
*Note: CFs represent year-end converted amounts based on BSP ForEx rates as at January 3, 2022.
20
Sourced from: https://www.global-rates.com/en/interest-rates/libor/american-dollar/2021.aspx
2021 19
Further analysis of the DSEs

paid by the project sector showed that Chart 4. CFs per Sector in CY 2021
the INFRA sector had the largest
share of the CFs paid during the year, SRCD
23.99%
accounting for P270.12 million or DPWH
58.02 per cent of the total CFs. The 38.71%
majority of the CFs for the sector were INFRA
ITT
58.02% DOTR
attributed to 17 ODA loans funding 2.05%
47.54%
infrastructure projects being
GID
implemented by the DPWH and DOTr 1.69%
totaling P232.99 million. The
Others
remaining P195.48 million or 41.98 per AARNR
13.75%
cent of the total CFs were incurred for 14.25%
SRCD, AARNR, GID, and ITT sectors,

as shown in Chart 4.
Other financial charges paid for the servicing of ODA loans in CY 2021
amounting to P658.42 million were for front-end fees, agency fees, bank charges,
service charges, cable costs, top service fees, exposure fees, and documentary
stamp taxes, among others.
In addition to the foregoing DSEs, GOCCs/GFIs paid guarantee fees and

ForEx risk cover fees, amounting to P929.59 million and P953.58 million21,
respectively, to the BTr as income of the NG, and were considered additional costs of
the GOCCs/GFIs in contracting ODA loans from the DPs.
1.1.4 OUTSTANDING LOAN BALANCES
As at December 31, 2021, the total indebtedness of the GoP to DPs for ODA
loans increased to P1,663,817.70 million (US$32,640.52 million), which is higher by
18.08 per cent compared to the CY 2020 total outstanding loan balance. The said
balance is composed of 362 loans consisting of 157 and 205 loans sourced from
multilateral and bilateral DPs, respectively. Table 17 shows the transactions that
transpired in CY 2021 affecting the total outstanding ODA loan balance.
Table 17. Movement of Outstanding Balances of ODA Loans

Amounts in million
Particulars
USD PHP
Outstanding Balance, January 1, 2021 29,335.55 1,408,722.41
Adjustmentsa 6.91 331.59
Adjusted Beginning Balance 29,342.46 1,409,054.00
CY 2021 Transactionsb:
Add: Availments 5,561.99 283,516.98
Less: Principal Repayments 1,250.94 63,765.43
21
ForEx risk cover fees paid by the Development Bank of the Philippines (DBP) to the BTr in CY 2021
2021 20
Amounts in million
Particulars
USD PHP
Refunds of Availments 9.74 496.46
ForEx Revaluation Lossc 1,003.25 (35,508.61)
Outstanding Balance, December 31, 2021 32,640.52 1,663,817.70
Net Increase 3,298.06 254,763.70
Percentage (%) Increase 11.24 18.08
Notes:
a
Adjustments pertain to CY 2020 transactions recorded by the BTr-DMAD in CY 2021, and adjustments arising
from the reconciliation of ODA loan data with the records of oversight agencies.
b
CY 2021 transactions pertain to availments from loan commitments and repayments already reflective of the
ForEx revaluation gain/loss in the translation to USD and PHP using the RERB of the BSP as at
January 3, 2022.
c
ForEx revaluation loss was due to the depreciation of the PHP as compared to the USD by P2.95.
The loan availment for 65 ODA loans amounting to P283,516.98 million

(US$5,561.99 million) contributed to the increase in the outstanding balances. Of this
amount, P228,960.78 million (US$4,491.72 million) or 80.76 per cent was availed for
programs and projects that respond to the impacts of the COVID-19 pandemic, while
P54,567.87 million (US$1,070.29 million) or 19.24 per cent pertains to availments
from loans contracted in prior years to finance other programs/projects of various
NGAs and GOCCs/GFIs.
On the other hand, the principal repayment for 277 loans amounting to
P63,765.43 million (US$1,250.94 million) contributed to the reduction in outstanding
loan balances. Of this amount, P7,841.91 million (US$153.84 million) pertains to the
repayment for 25 ODA loans which were fully paid in CY 2021 and were contracted
as early as CY 1991 up to CY 2008 from various bilateral and multilateral DPs.
Chart 5. Outstanding Balances of ODA Loans by Borrower analysis of the

Debtor as at December 31, 2021
outstanding ODA loans
showed that of the total
NG-Guaranteed outstanding ODA loans,
NG-Relent 5.77%
0.95% 93.28 per cent represents
outstanding NG-Direct
loans; 5.77 per cent
pertains to outstanding
NG-Guaranteed loans, and
NG-Direct
0.95 per cent represents
93.28% outstanding NG-Relent
loans, as illustrated in
No. of Amounts in million Chart 5.
Debtor Type % to Total
Loans USD PHP
NG-Direct 317 30,446.66 1,551,987.84 93.28
NG-Relent 10 310.15 15,809.78 0.95
NG-Guaranteed 35 1,883.71 96,020.08 5.77
Total 362 32,640.52 1,663,817.70 100.00
2021 21
In terms of the providers of ODA loan financing, the ADB, IBRD, and JICA are
still the GoP’s lead DPs and take up the significant portions of the GoP’s outstanding
ODA loan balance. Together, these creditors take up P1,496,967.77 million
(US$29,367.28 million) or 89.97 per cent of the total outstanding balance as at
December 31, 2021. As to volume, JICA topped all the other creditors with 138 loans,
while in terms of value, the ADB leads with P609,839.09 million (US$11,963.73
million), accounting for 36.65 per cent of the total outstanding ODA loans. The top
multilateral and bilateral DPs of the outstanding ODA loans are shown in Table 18.
Table 18. Top Multilateral and Bilateral DPs of ODA Loans

Outstanding Balance as at December 31, 2021
No. of (Amounts in million)
DP % to Total
Loans USD PHP
Bilateral 205 9,737.87 496,378.22 29.83
JICA 138 7,681.56 391,559.98 23.53
AFD 8 954.81 48,670.72 2.93
KEXIM 15 493.44 25,152.49 1.51
CEXIM 7 255.59 13,028.50 0.78
BNP PARIBAS 4 100.10 5,102.38 0.31
Others 33 252.37 12,864.15 0.77
Multilateral 157 22,902.65 1,167,439.48 70.17
ADB 81 11,963.73 609,839.09 36.65
IBRD 56 9,721.99 495,568.70 29.79
AIIB 3 1,057.05 53,882.16 3.24
IFAD 12 125.23 6,383.34 0.38
OPEC 3 24.98 1,273.17 0.08
NDF 2 9.67 493.02 0.03
Grand Total 362 32,640.52 1,663,817.70 100.00
As to currency denomination, the outstanding ODA loan portfolio is still

heavily denominated in USD, with USD-denominated loans accounting for
P1,139,306.76 million (US$22,350.74 million) or 68.48 per cent of the total
outstanding balance, which increased slightly from 64.13 per cent in the previous
year. USD-denominated loans contributed a total of P235,793.35 million
(US$3,535.78 million) to the net increase in outstanding balances in CY 2021
presented in Table 17. This was followed by JPY-denominated loans which account
for 24.07 per cent of the total outstanding ODA balances which had a slight decrease
as compared to last year’s 27.90 per cent share in the total outstanding balance of
ODA loans. On the other hand, Euro (EUR), Korean Won (KRW), Special Drawing
Right (SDR), and, Chinese Yuan Renminbi (off-shore) (CNH)-denominated loans
accounted for a total share of P124,013.95 million (US$2,432.89 million) or 7.45 per
cent of the total outstanding ODA balances. Details on the currency denominations of
the outstanding ODA loans is presented in Table 19.
Table 19. Outstanding ODA Loans per Currency Denomination

No. of Original Amounts in million
Currency % to Total
Loans Currency USD PHP
USD 145 22,350.74 22,350.74 1,139,306.76 68.48
JPY 146 903,817.73 7,856.89 400,496.99 24.07
EUR 39 1,747.44 1,988.59 101,366.23 6.09
KRW 12 344,937.71 290.44 14,804.76 0.89
2021 22
No. of Original Amounts in million

Currency % to Total
Loans Currency USD PHP
SDR 18 66.53 93.11 4,746.33 0.28
CNH 2 386.43 60.75 3,096.63 0.19
Total 362 32,640.52 1,663,817.70 100.00
As at December 31, 2021, a total of 382 ODA loans which are either fully
availed and/or yet to be availed are expected to be repaid in subsequent years up to
their maturity periods from CYs 2021 to 2065. Of the said loans, 296 were already
fully availed, and have total outstanding balances of P1,337,601.11 million
(US$26,240.85 million) which are expected to mature from CYs 2021 to 2060. The
remaining 86 loans are expected to have availments in subsequent years, which may
add to the outstanding balances a total projected availment of P785,323.62 million
(US$15,406.36 million). The Weighted Average Maturity (WAM) of the entire
outstanding ODA loan portfolio, as well as the undrawn loan commitments that are
yet to be availed/repaid in subsequent years, is estimated at 20.80 years. The aging
analysis of the 382 ODA loans is shown in Table 20.
Table 20. Maturity of ODA Loans as at December 31, 2021

Outstanding Balance as at Expected Additional
No. of December 31, 2021 Borrowings
Maturitya
Loans Amounts in million
USD PHP USD PHP
Fully Availed 296 26,240.85 1,337,601.11 - -
CY 2021-2025 90 2,019.29 102,931.33 - -
CY 2026-2030 56 3,263.96 166,377.35 - -
CY 2031-2035 47 7,179.19 365,951.96 - -
CY 2036-2040 51 6,937.33 353,623.37 - -
CY 2041-2045 26 2,943.66 150,050.11 - -
CY 2046-2050 18 2,650.78 135,120.72 - -
CY 2051-2055 7 811.99 41,390.42 - -
CY 2056-2060 1 434.65 22,155.85 - -
With Unavailed
86b 6,399.67 326,216.59 15,406.36 785,323.62
Commitments
CY 2026-2030 1 - - 15.00 764.61
CY 2031-2035 10 872.59 44,479.21 167.01 8,513.21
CY 2036-2040 14 929.84 47,397.74 3,167.33 161,451.38
CY 2041-2045 16 1,054.86 53,770.48 1,425.45 72,661.34
CY 2046-2050 20 1,536.24 78,308.36 4,036.68 205,765.57
CY 2051-2055 11 1,130.61 57,631.82 2,347.26 119,649.15
CY 2056-2060 13 875.53 44,628.98 4,150.55 211,569.88
CY 2061-2065 1 - - 97.08 4,948.48
Grand Total 382 32,640.52 1,663,817.70 15,406.36 785,323.62
Notes:
a
Loan maturity is presented in five-year ranges/brackets.
b
Count includes 20 loans with no outstanding balances but with expected borrowings of P268,509.55 million
(US$5,267.58 million).
As at December 31, 2021, the GoP contracted a total of 40 COVID-related

loans from various DPs. Of the said amount, 33 loans already have outstanding
balances of P535,832.54 million (US$10,511.88 million) and account for 32.20 per
2021 23
cent of the total outstanding ODA loan portfolio. The summary of the availments,
repayments, and the outstanding balances of all COVID and non-COVID-related ODA
loans as at December 31, 2021 are shown in Table 21.
Table 21. Outstanding Balances of COVID- and Non-COVID-related ODA Loans

Cumulative Cumulative Outstanding
No. of Availment Repayment Balance % to
Type
Loans Amounts in million Total
COVID 33 10,511.88 535,832.54 - - 10,511.88 535,832.54 32.20
Program 26* 9,283.82 473,233.38 - - 9,283.82 473,233.38 28.44
Project 7 1,228.06 62,599.16 - - 1,228.06 62,599.16 3.76
Non-
329 30,928.29 1,576,538.66 8,799.65 448,553.50 22,128.64 1,127,985.16 67.79
COVID
Program 56 14,904.69 759,751.87 2,571.95 131,102.81 12,332.74 628,649.05 37.78
Project 273 16,023.60 816,786.79 6,227.70 317,450.69 9,795.90 499,336.11 30.01
Grand
362 41,440.17 2,112,371.20 8,799.65 448,553.50 32,640.52 1,663,817.70 100.00
Total
*Note: Includes one loan for SWDRP2-AF which was signed in CY 2019 but became effective only in CY 2020.
Based on Table 21, the GoP’s repayments on ODA loans as at December 31,
2021 pertain only to non-COVID borrowings. Out of the total loan availments of
P1,576,538.66 million (US$30,928.29 million), P448,553.50 million (US$8,799.65
million), or 28.45 per cent was already repaid as at December 31, 2021. On the other
hand, the GoP is yet to repay its COVID-related financing starting in CY 2023.
Analysis of the repayments on the 40 COVID-related loans contracted as at

December 31, 2021 shows that these loans will be amortized from 3 to 31 years.
Analysis of the projected repayment of the 40 loans throughout their amortization
period is illustrated in Chart 6.
Chart 6. Projected Repayment of COVID-related Loans

50,000.00
45,000.00
40,000.00
35,000.00
In million PHP*
30,000.00
25,000.00
20,000.00
15,000.00
10,000.00
5,000.00
-
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
*Note: Amounts are converted to PHP using the RERB of the BSP as at January 3, 2022.
Sources: Loan Agreements and Amortization Schedules of COVID-related loans contracted in CYs 2020 and 2021
from DOF and BTr-DMAD
2021 24
The GoP is projected to have the highest repayments for COVID-related ODA
financing in CYs 2031 and 2035 amounting to P46,260.11 million (US$950.94 million)
and P46,486.25 million (US$960.99 million), respectively. This is due to the three
loans expected to be fully paid in CY 2031 which are financing the: (a) PCERND
Subprogram 2; (b) HEAL 2, and (3) DRREALL program with total projected
repayments of P8,235.27 million (US$155.95 million). Four program loans set to be
fully paid in CY 2035 also contributed to the high projected repayments. These
programs are for the following: (a) Support to Capital Market Generated Infrastructure
Financing-Subprogram 1; (b) Competitive and Inclusive Agriculture Development
Program-Subprogram 1; (c) Inclusive Finance Development Program - Subprogram
2 and; (d) COVID-19 Crisis Response Emergency Support Loan, with total projected
repayments of P9,392.40 million (US$221.73 million).
1.2 STATUS OF ODA GRANTS
As at December 31, 2021, a total of 270 active ODA grants totaling

P982,623.59 million (US$19,276.96 million) were received from various multilateral
and bilateral donors/DPs, financing the same number of programs and projects. Of
the total number, 66 grants of P13,918.34 million (US$273.05 million) were received
during the year. A summary of the status of active ODA grants is shown in Table 22.
Table 22. Status of Active ODA Grants in CY 2021

Amounts in million
Grant Status No. of Grants
USD PHP
Closed 37 134.27 6,844.07
New 66 273.05 13,918.34
Ongoing 167 18,869.64 961,861.18
Total 270 19,276.96 982,623.59
Sources: Indicative List of Active ODA Grants as at December 31, 2021, NEDA - MES-SDAD; and Grants/Technical
Assistance Processed in CY 2021, DOF-IFG
Out of the 66 new grants received in CY 2021, nine grants totaling P5,483.69
million (US$107.58 million) from China, United Nations (UN) System22, ADB, and
IBRD were intended to support the GoP’s response measures to the impacts of the
COVID-19 pandemic. Most significant among these grants is that from the Chinese
government totaling P4,006.71 million (US$78.60 million) intended to support the
implementation of infrastructure projects and other development initiatives of the
current administration which may include support for COVID-related activities and
response measures. Two of the nine grants are for projects which are also funded by
ODA loans. These are the Supporting Building Up Universal Health Care from the
ADB, which will support the implementation of policy reforms achieved under the
program loan financing the Build Universal Health Care (BUHC) Subprogram 1, and
the Second Additional Financing for Philippine Rural Development Project from the
IBRD, with the objective of increasing rural incomes and enhance farm and fishery
productivity in the targeted areas.
22
UN System is composed of FAO, IOM, UNDP, UNESCO, UNICEF, and UNIDO.
2021 25
On the other hand, the remaining 57 new grants amounting to P8,434.65

million (US$165.47 million) were for other non-COVID-related programs and projects.
Most notable among these are the two grants received by the GoP in CY 2021, of
P1,696.23 million (US$33.28 million) for the Better Access and Communication
(BEACON) project to support economic growth by improving access and connectivity
to Information and Communication Technology (ICT) infrastructure and smart
logistics; and P1,160.17 million (US$22.76 million) for the Bangsamoro Agri-
Enterprise Programme (BAEP) for the agri-enterprise in the Bangsamoro region.
These grants are both joint programmes with the United States Agency for
International Development (USAID) and the European Union (EU) and will be
implemented over a five-year period. Collectively, these grants comprise a total of
P2,856.40 million (US$56.04) or 20.52 per cent of the new grants in CY 2021.
The ODA grants received in CY 2021 are summarized in Table 23 with details
presented in Annex B.
Table 23. Summary of ODA Grants Received in CY 2021

COVID-related Non-COVID-related Total
Donor/ Amounts in milliona
DPs No. of No. of
Grants Grants
China 1 78.60 4,006.71 - - - 78.60 4,006.71
EU - - - 2 34.40 1,753.72 34.40 1,753.72
USAID - - - 5 52.53 2,677.45 52.53 2,677.45
UN
5 4.15 211.53 34 46.02 2,345.75 50.17 2,557.28
Systemb
Australia-
- - - 2 7.37 375.82 7.37 375.82
DFAT
ADB 2 4.00 203.90 3 2.20 112.14 6.20 316.04
Other
Donors/ 1 20.83 1,061.55 11 22.95 1,169.77 43.78 2,231.32
DPsc
Total 9 107.58 5,483.69 57 165.47 8,434.65 273.05 13,918.34
Notes:
a
Amounts in USD and PHP represent year-end converted amounts based on BSP ForEx rates as at
January 3, 2022.
b
UN System is composed of FAO, IOM, UNDP, UNESCO, UNICEF, and UNIDO.
c
Others are composed of AFD, Alliance for Financial Inclusion, Embassy of Japan, KOICA, Korea, US, and IBRD.
Analysis of the fund sources of the 270 grants showed that Japan, United
States of America (USA), and China were the top three providers in terms of grant
amount with a total of P935,740.40 million (US$18,357.21 million) or 95.23 per cent.
In terms of the number of grants, the top three providers are the UN System, USA,
and ADB with total grants of 100, 42, and 26, respectively. Details of the active ODA
grants by Donor/DP are shown in Table 24.
Table 24. ODA Grants by Donor/DP as at December 31, 2021

No. of % to Amounts in million
DP/Donor % to Total
Loans Total USD PHP
Multilateral 134 49.63 361.19 18,411.23 1.87
UN Systema 100 37.04 212.28 10,820.61 1.10
ADB 26 9.63 112.43 5,731.24 0.58
IBRD 8 2.96 36.48 1,859.38 0.19
2021 26
No. of % to Amounts in million

DP/Donor % to Total
Loans Total USD PHP
Bilateral 136 50.37 18,915.77 964,212.34 98.13
Japanb 22 8.15 17,468.58 890,443.43 90.62
USAc 42 15.56 634.59 32,347.69 3.29
China 6 2.22 254.04 12,949.28 1.32
EU 7 2.59 226.28 11,534.36 1.17
Australia 14 5.19 117.10 5,969.04 0.61
Koread 16 5.93 87.90 4,480.37 0.46
Other Donorse 29 10.74 127.28 6,488.16 0.66
Grand Total 270 100.00 19,276.96 982,623.59 100.00
Notes:
a
UN System is composed of FAO, IFAD, IOM, UNDP, UNESCO, UNFPA, UNICEF, UNIDO, WFP, and WHO.
b
Japan is composed of the Japan International Cooperation Agency (JICA) and the Embassy of Japan.
c
USA includes grants received from the USAID.
d
Korea is composed of the Korea International Cooperation Agency, Korea Rural Economic Institute, and the
Ministry of Agriculture, Food and Rural Affairs.
e
Others are composed of AFD, AECID, Alliance for Financial Inclusion, Canada, GIZ, Italy, Netherlands, and New
Zealand.
As to IA or executing agency (EA), out of the 270 grants, 62 were DP-

implemented or were directly administered by the donors/DPs with the GoP as the
beneficiary, 19 were implemented by the LGUs, while 189 grants were directly
implemented by the government through NGAs and/or GOCCs/GFIs, with the DA,
DOH, DENR, DepEd and DPWH as the top implementers of 71 grants totaling
P483,014.19 million (US$9,475.69 million). Details of the IAs/EAs of the active ODA
grants are shown in Table 25.
Table 25. Distribution of ODA Grants by IA/EA

No. of Amounts in million
IA % to Total
Grants USD PHP
DOH 17 9,074.70 462,573.83 47.08
Multi-Agency 36 8,818.89 449,534.28 45.75
DP-Implemented 62 371.66 18,944.90 1.93
DPWH 8 200.74 10,232.58 1.04
LGU-Implemented 19 138.32 7,050.97 0.72
DA 23 69.32 3,533.55 0.36
DepEd 11 68.01 3,466.76 0.35
DENR 12 62.92 3,207.47 0.33
DOE 2 38.29 1,951.59 0.20
Other IAs* 80 434.10 22,127.66 2.25
Total 270 19,276.96 982,623.59 100.00
*Note: Other IAs include DSWD with nine projects each; NEDA with six projects; DOF and DOTr with five projects
each; BSP and LBP with four projects each; SEC with three projects; BIR, CHR, CWC, DAR, DILG, DOLE, DTI,
LWUA, PAGASA, POPCOM, and PPP Center with two projects each; CCC, COA, DOST, DOT, ECCD, MCWD,
MINDA, NCCA, NNC, NWRB, OPAPP, PAWD, PCG, PCW, PHilMech, PhilSA, PNP, SC, SRA, TESDA, and NPC
with one project each; and one project with IA to be identified depending on the agreed projects.
The NEDA reported that a total of P53,285.79 million (US$1,045.35 million)

for 228 ODA grants were already utilized as at December 31, 2021 or a utilization rate
of 60.57 per cent. Details are shown in Table 26.
2021 27
Table 26. Utilization of ODA Grants as at December 31, 2021

Grant Amount Utilization
No. of Utilization
Donor/DP Amounts in million
Grants Rate (%)
USD PHP USD PHP
USAID 39 628.20 32,021.69 300.12 15,298.16 47.77
EU 5 191.88 9,780.64 176.52 8,998.05 92.00
UN Systema 93 208.48 10,627.12 137.47 7,007.42 65.94
ADB 21 106.23 5,415.21 77.84 3,968.00 73.28
China 2 108.37 5,523.81 77.19 3,934.93 71.24
Koreab 15 87.39 4,454.62 63.70 3,246.92 72.89
Australia-DFAT 11 115.65 5,895.29 53.13 2,708.32 45.94
GIZ 8 73.25 3,733.94 43.48 2,216.58 59.36
Japanc 17 166.51 8,487.46 81.79 4,169.13 49.12
Canada-GAC 2 13.97 712.18 13.97 712.18 100.00
Othersd 15 25.82 1,315.91 20.13 1,026.11 77.98
Total 228 1,725.75 87,967.87 1,045.34 53,285.80 60.57
Notes:
a
UN System is composed of FAO, IFAD, IOM, UNDP, UNESCO, UNFPA, UNICEF, UNIDO, WFP, and WHO.
b
Korea is composed of the Korea International Cooperation Agency, Korea Rural Economic Institute, and the
Ministry of Agriculture Food and Rural Affairs.
c
Japan is composed of the JICA and the Embassy of Japan.
d
Others is composed of the WB, Italy, New Zealand, AFD, AECID, and Netherlands.
Source: Indicative List of Active ODA Grants as at December 31, 2021, NEDA - MES-SDAD
2.0 PHYSICAL STATUS OF
ODA–FUNDED PROGRAMS
AND PROJECTS
2021 28
2. PHYSICAL STATUS OF ODA-FUNDED PROGRAMS AND

PROJECTS
2.1 STATUS OF LOAN-FUNDED PROGRAMS AND PROJECTS
As at December 31, 2021, a total of 76 programs and projects implemented

by various NGAs and GOCCs/GFIs, were financed by a total of 91 ODA loans23 with
total CNLCs of P1,244,497.02 million (US$24,414.35). The details of the
implementation status of ODA loan-funded programs and projects per project sector
are shown in Table 27.
Table 27. Implementation Status of ODA Loan-Funded Programs and Projects

No. of Programs and Projects
Loan Type/Project Not Yet
Completed in % to Total
Sector Ongoing Implemented Total
CY 2021
(NYI)
Programs 7 4 3 14 18.42
GID 5 1 2 8 10.53
SRCD 1 3 1 5 6.58
AARNR 1 - - 1 1.32
Projects 5 49 7 61 80.26
AARNR 4 9 - 13 17.11
GID - 2 - 2 2.63
INFRA 1 32 6 39 51.32
ITT - 2 1 3 3.95
SRCD - 4 - 4 5.26
Program/Project
- 1 - 1 1.32
(Hybrid)
SRCD - 1 - 1 1.32
Grand Total 12 54 10 76 100.00
Sources: CY 2021 Audit Reports on ODA-funded programs and projects submitted by COA Auditors
As can be gleaned from the above table, seven programs were completed
during the year, following the full disbursement of their loans. Of the completed
programs, five were financed by policy-based loans to support the government’s
ongoing measures in mitigating the effects of the COVID-19 pandemic such as: (a)
policy reforms that will help counter the effect of the COVID-19 on the broader labor
market, both now and into the post-pandemic recovery; (b) policies that will help in
achieving resilient, inclusive and sustainable financial sector; and (c) programs that
will strengthen the capabilities of the LGUs in addressing DRRM situations and
challenges such as COVID-19.
Among the five completed policy-based programs, the second phase of the
COVID-19 Emergency Response Program (CERP II)24 was intended to rev up the
mass vaccination program of the government. This was funded by KEXIM in
23
Some programs and projects implemented by the GoP are financed by more than one ODA loan.
24
In CY 2020, the KEXIM extended P5,097.40 million (US$100.00 million) loan to the government for the first phase of the
CERP, which aimed to build systematic policy measures to respond to the public health challenges caused by COVID-19.
2021 29
recognition of the GoP’s accomplishments and plans under the first phase of the
program, which focused on seven policy actions25. These include, among others,
establishing a national policy or master plan for COVID-19 vaccination, assigning
roles of major committees and/or organizations to expedite the vaccine procurement
and administration process, profiling eligible populations and determining priority
groups, and securing COVID-19 vaccines approved by the Food and Drug
Administration.
The remaining two completed programs are the Post Disaster Stand-by Loan-
Phase 2 and the Disaster Resilience Improvement Program (DRIP). These were
financed by a contingent credit which provides budgetary support incumbent upon the
declaration of a state of calamity following a disaster event. The policy actions under
the DRIP will strengthen the disaster resilience of Philippine institutions and
communities and the government’s response to pandemics through three reform
areas, namely, policy and institutional arrangements for disaster risk management
and health-related emergencies, including social protection; resilience of NG assets
and LGUs to disaster and climate risks; and disaster risk financing26.
Out of the four ongoing programs, three were financed by results-

based/performance-based (RB/PB) loans from the ADB and one program by a
contingent credit from the IBRD. Of the RB/PB financed programs, the Secondary
Education Support Program implemented by the DepEd reported
delays/postponements in its activities due to COVID-19 restrictions. As a result, only
six disbursement-linked indicators (DLIs) were achieved out of the 22 annual DLI
targets. The said delays required shifts in project priorities and strategies to conform
with the DepEd’s efforts in response to the current crisis. In particular, the suspension
of face-to-face classes subsequently postponed the administration of the national
achievement test for grade 12 students, which is one of the targets under DLI 2 of the
program. This program is targeted to be accomplished by December 31, 2023.
As at year-end, three programs financed by policy-based loans and executed

by the DOF have not yet started implementation. The loans for the third phase of the
PCERND and the BUHCP were contracted during the year but will only be available
for disbursements in CY 2022 following its effectivity on January 5 and January 25,
2022, respectively, while the loan for the second phase of the Local Governance
Reform Program-Subprogram II (LGRP II) was contracted and effective during the
year.
The project financed by a hybrid loan pertains to the Philippine Beneficiary

FIRST Social Protection Project27 implemented by the DSWD. This was secured from
the IBRD through a combination of project, policy-based, and RB/PB loans with
CNLCs of P1,019.48 million (US$20.00 million), P15,292.20 million (US$300.00
million), and P14,272.72 million (US$280.00 million), respectively. The project which
is targeted to be completed on June 30, 2025, contained seven performance-based
25
https://www.dof.gov.ph/phl-korea-sign-loan-accord-revving-up-doh-covid-19-vaccination-program/
26
ADB’s Report and Recommendation of the President to the Board of Directors
27
The Philippine Beneficiary FIRST project has three components which are aimed at: (a) providing support for cash grants of
the 4Ps; (b) developing a Social Protection Delivery System and Project Management; and (c) providing funding for Contingent
Emergency Response
2021 30
conditions (PBCs), of which two were fully achieved and five were partially achieved.
The partial achievements of the PBCs were due to the issues on the terms of
reference (ToR) for the medium-term digital transformation strategy, ongoing
Listahanan 328 assessment of 4Ps beneficiaries, and ongoing determination of eligible
households for 4Ps to register as a replacement for existing households.
On the other hand, of the total projects reported in Table 27, 37 are part of the
112 IFPs of the Build, Build, Build Program of the government based on the NEDA’s
revised IFPs as at May 12, 2021. These projects were intended for transport and
mobility, water resources, health, and urban development. Almost half or 45.95 per
cent of the IFPs were implemented by the DPWH under the INFRA project sector.
The breakdown of the implementation status of the IFPs and non-IFPs implemented
by various IAs are shown in Table 28.
Table 28. Implementation Status of ODA Loan-Funded Projects per IA

No. of Projects
IA Completed in CY
Ongoing NYI Total
2021
IFP 1 31 5 37
DILG - - 1 1
DOH - 2 - 2
DOTr 1 9 1 11
DPWH - 14 3 17
LWUA - 1 - 1
MWSS - 2 - 2
NIA - 3 - 3
Non-IFP 4 18 2 24
BOC - 1 - 1
DA 2 1 - 3
DAR 2 2 - 4
DENR - 1 - 1
DENR/NIA - 1 - 1
DOH - 1 - 1
DOTr - 3 - 3
DOTr/DPWH - 1 - 1
DPWH - 2 1 3
DPWH/NIA - - 1 1
DSWD - 1 - 1
DTI - 1 - 1
LBP - 1 - 1
PCC - 1 - 1
BLGF - 1 - 1
Grand Total 5 49 7 61
Sources: CY 2021 Audit Reports on ODA-funded programs and projects submitted by COA Auditors; and NEDA’s
Revised List of IFPs as at May 12, 2021
The lone completed ODA-financed IFP is the LRT Line 2 - East Extension
Project under the Capacity Enhancement of Mass Transit Systems in Metro Manila
Project implemented by the DOTr. This P9,759.31 million project added two new
stations which are the Marikina-Pasig and Antipolo stations, to the existing lines
28
The Listahanan 3 refers to the third National Household Targeting System for Poverty Reduction (NHTS-PR) of the DSWD,
which is an information management system that aims to establish a database of poor households that will serve as a basis in
the identification of its different social protection programs and services.
2021 31
between Santolan, Pasig, and Recto, Manila. The project aimed to accommodate an
additional 80,000 passengers and reduce traffic congestion along Marcos Highway29.
The project was inaugurated on July 1, 2021, and operations commenced on July 5,
2021.
Of the four completed non-IFPs, two projects were completed beyond their
original target completion dates. These are the Fisheries, Coastal Resources and
Livelihood Project (FishCORAL), and Scaling-Up the Second Cordillera Highland
Agricultural Resource Management Project (SCHARMP2) both under the AARNR
sector which were implemented by the Bureau of Fisheries and Aquatic Resources
(BFAR) and DA, respectively. The target completion of the FishCORAL was in
December 2020, however, due to the COVID-19 pandemic, it was completed only in
December 2021. The winding-up activities of the project, as well as the financial
closing of the related loan are to be accomplished until June 2022. For the
SCHARMP2, the project was expected to be completed in December 2019 but was
extended until June 30, 2020, and further extended by one year due to the late
releases of the GoP counterpart fund that should have been used for the
implementation of the remaining rural infrastructure sub-projects. The project was
completed on June 30, 2021, while its related loan was closed on December 31, 2021.
The two other completed non-IFPs are the Mindanao Sustainable Agrarian and
Agriculture Development (MinSAAD) and Italian Agrarian Reform Community
Development Support Program (IARCDSP), implementation of which were both
completed on schedule.
The implementation of 49 projects which were financed by 63 loans are still

ongoing as at December 31, 2021. Of the total, three COVID-related projects were
implemented by the DOH with outputs presented in Table 29.
Table 29. Actual Accomplishments of DOH-implemented Projects

Project Name Outputs/Deliverables Actual Accomplishments
1. Philippines COVID-19 Procurement of medical and 500 units of ventilators, 119 x-ray machines, and 70
Emergency Response laboratory equipment and units of infusion pumps were fully delivered.
Project reagent
8,239 polymerase chain reaction (PCR) test kits
were fully delivered.
Procurement for ancillaries is ongoing.

Procurement of medical 44 type 2 ambulance units have been delivered.
supplies, commodities, and
ambulances
Procurement of COVID-19 13 million doses of contracted modern vaccines
vaccines have been delivered.
Upgrading of isolation For the 47 facilities planned for CY 2021, 2 were
quarantine facilities completed, 19 facilities are ongoing construction,
16 are for issuance of notice to proceed, 3 are
recommended for awarding, 1 for ongoing re-
evaluation, and 6 are for rebidding.
2. Health System Procurement of patient 70 units of patient transport vehicles, 90 units of
Enhancement to transport vehicles, medical mechanical ventilators, 85 units of x-ray machines,
Address and Limit supplies, and equipment and personal protective equipment (gowns, gloves,
COVID-19 (HEAL 1) N95 respirators, and masks) were completely
delivered.
Consulting services Capacity building for various COVID-19 response is
ongoing.
29
Sourced from: https://www.lrta.gov.ph/phl-president-duterte-inaugurates-lrt-2-east-extension-project/
2021 32
Project Name Outputs/Deliverables Actual Accomplishments

Construction/retrofitting of Detailed architectural and engineering designs for
COVID-19 isolation the laboratories and isolation facilities were
facilities/building completed.
Procurement of construction firm for package 1

types 1-4 isolation ward facilities and laboratories is
ongoing.
3. Second Health Procurement of COVID-19 45.63 million and 40 million doses of contracted
Enhancement System vaccines Sinovac and Pfizer vaccines, respectively, were
to Address and Limit delivered.
COVID-19 under the
Asia Pacific Vaccine
Access Facility
(HEAL 2)
Of the total ongoing projects, 31 are listed under the NEDA’s revised list of
IFPs. Seven projects were expected to be completed in CYs 2021 and 2022, however,
encountered implementation delays. Details on percentages of completion of these
projects, as well as the reported reasons for the delays are shown in Table 30.
Table 30. Percentage of Completion of Ongoing IFPs to be Completed in CYs 2021 and 2022
Project Name/ Target Actual
Implementing Completion Completion Reasons for Implementation Delays
Agency (in %) (in %)
Expected Completion in CY 2021*
1. Flood Risk Consultancy Consultancy No reasons were provided for the delay.
Management Services - 99.1; Services -99.1; However, target completion was revised to
Project for Civil works - 100 Civil works - 100 CY 2022.
Cagayan River,
Tagoloan River,
and Imus River
(DPWH)
2. Samar Pacific Civil works - 68.15 Civil works - Reasons reported were as follows:
Coastal Road 59.08 - unfavorable weather condition causing
Project (DPWH) unworkable site condition.
- unavailability of construction materials due to
COVID-19 restrictions which hindered the
transport of goods and materials to and from the
project site.
- limited workforce due to COVID-19 health
protocols and temporary travel ban that affected
the mobilization of foreign key staff on site.
Target completion was revised to CY 2022.

3. National Overall Over all There was slowdown of activities due to limitation
Irrigation Sector percentage of percentage of on movement of resources. In addition, significant
Rehabilitation completion - 88.01 completion - delays in the completion of the civil works
and 95.40 contracts were due to poor contractor's
Improvement performance.
Project (NIA)
Expected Completion in CY 2022*
4. Cebu Bus Rapid Overall Over all There were issues on the design, scope, and
Transit Project percentage of percentage of technical aspect of the project, site
(DOTr) completion - 42.37 completion - condition/availability, prolonged procurement,
12.6 and absence of budget allocation.
5. Flood Risk Consultancy Consultancy The consultant is behind schedule as a result of
Management Services - 91.64; Services - 91.64; time extensions of civil work contracts. The
Project for CDO Civil works - 78.84 Civil works - consultant already submitted a request for the
River (DPWH) 74.16 realignment of contract which is now under review
by the flood control management cluster.
2021 33
Project Name/ Target Actual

Implementing Completion Completion Reasons for Implementation Delays
Agency (in %) (in %)
6. Integrated Consultancy Consultancy No reasons were provided for the delay.
Disaster Risk Services - 91.64; Services - 91.64; However, target completion was
Reduction and Civil works - 74.16 Civil works - revised to CY 2023.
Climate Change 78.84
Adaptation
Measures in the
Low-Lying
Areas of
Pampanga Bay
(DPWH)
7. Chico River Overall Overall The project implementation was adversely
Pump Irrigation percentage of percentage of affected by COVID-19 pandemic. There is an
Project (NIA) completion - 100 completion - ongoing request for a change in scope, increase
84.65 in cost, and extension of the implementation
period of the project.
*Note: As per NEDA’s Revised List of IFPs as at May 12, 2021.
On the other hand, a total of seven projects have not yet started
implementation as at year-end. Of these, four were financed by newly effective loans,
and one project was financed by a newly signed loan but not yet effective as at year-
end. The remaining two projects were financed by loans contracted in CY 2020 which
remained unavailed as at December 31, 2021. These are CMB 4th Bridge CRCP and
the KPPF financed by the JICA and KEXIM, respectively. The Detailed Engineering
Design (DED) study of the CMB 4th Bridge CRCP was started on December 24, 2020
and is expected to be completed by March 18, 2022. Also, delay was experienced in
the conduct of geotechnical and topographic surveys, as part of its ongoing DED at
the Mactan side due to the opposition of the Lapu-Lapu City LGU on the proposed
road alignment of the project. The KPPF supports the feasibility studies and
preliminary and DEDs of various infrastructure projects of the DPWH and NIA. The
DPWH has its ongoing update of the master plan, feasibility study, and DED of flood
control for Bicol, Agusan, and Panay rivers, and Pampanga River basins as at
December 31, 2021.
2.2 STATUS OF GRANT-FUNDED PROGRAMS AND PROJECTS
As at December 31, 2021, of the 270 total ODA grant-assisted projects, a total
of 50 were physically completed, 203 are ongoing, and 17 are yet to be implemented.
Details of the implementation status of the grant-funded projects per IA are shown in
Table 31.
Table 31. Implementation Status of ODA Grant-Funded Projects

No. of Projects
IA % to Total
Completed Ongoing NYI Total
DP-Implemented 4 57 1 62 22.96
Multi-Agency 11 24 1 36 13.33
DA 8 13 2 23 8.52
LGU-Implementeda 6 12 1 19 7.04
DOH - 17 - 17 6.30
DENR 1 10 1 12 4.44
2021 34
No. of Projects
IA % to Total
Completed Ongoing NYI Total
DepEd 3 8 - 11 4.07
DSWD 2 7 - 9 3.33
DPWH 3 4 1 8 2.96
Other/Various IAs 12 51 10 73b 27.04
Total 50 203 17c 270 100.00
Notes:
a
LGU-implemented includes projects implemented in BARMM.
b
This includes one grant with IAs to be identified depending on the agreed projects.
c
This includes one grant canceled/declined by the Securities and Exchange Commission (SEC) in CY 2022. The
IA requested to redirect the funding to other alternative projects.
Sources: Audit Reports on ODA-funded programs and projects submitted by COA Auditors
Out of the 50 completed

Chart 7. Non-COVID-related Projects
Completed in CY 2021
ODA grant-funded projects, three
were intended to support the GoP’s
response measures to the impacts
14 projects of the COVID-19 pandemic. These
( 30%)
are (a) COVID-19 Assistance and
AARNR Response for Enhanced Systems,
24 projects
(51%)
GID which among others, supports
INFRA strengthening of health systems,
SRCD continuity of service delivery, and
4 projects
(8%) vaccine rollout; (b) Prepare,
Prevent, Protect: Mitigating the
5 projects
(11%)
Destabilizing Socio-Economic
Impact of COVID-19 on Most
Vulnerable and Conflict-Prone Communities in Mindanao, a DP-Implemented project,
with the objective of ensuring that BARMM local governments are better prepared to
manage the socio-economic and security risks induced by COVID-19; and
(c) Improvement of Artisanal Fisheries Project which aims to provide inputs to
increase the catch of freshwater fish that will provide ample supply of food and
additional income to poor families affected by the pandemic. The remaining 47 grant-
funded projects were for various AARNR, INFRA, SRCD, and GID projects which
were started as early as 2012, and were funded by an aggregate grant amount of
P5,948.02 million (US$116.69 million). Among these are the FishCORAL and the
IARCDSP of the BFAR and the DAR funded by grants totaling P35.17 million
(US$0.69 million) and P125.18 million (US$2.46 million), respectively, which were
also funded by ODA loans.
Out of the 203 ongoing grant-assisted projects, a total of 12 were COVID-

related and the projects, as well as their related grant financing are expected to be
closed by CY 2023 at the latest. The remaining 191 grants were for various projects
under the other aforementioned sectors. Details of the number of ongoing grant-
assisted projects according to the sector are shown in Chart 8.
2021 35
Based on the foregoing, the Chart 8. Ongoing Non-COVID-related

AARNR and GID grant-assisted Projects in CY 2021
projects comprise more than half or 56
per cent of the total number of ongoing 48 projects 53 projects
(25%) (28%)
grants as at December 31, 2021, with
the USAID and EU as top providers in
the said project sectors in terms of
13 projects
grant amount which totaled P9,670.21 (7%)
million (US$189.71 million).
23 projects 54 projects
(28%)
Several of the ongoing projects (12%)
were reported to have encountered AARNR GID INFRA ITT SRCD

implementation delays mainly due to
the imposition of the COVID-19 community quarantine, which restricted the mobility
of donor partners and local implementers, among others. Among the delayed grant-
assisted projects was the Advancing Basic Education in the Philippines (ABC+)
implemented by the DepEd and funded by one of the largest grants received as at
December 31, 2021, of P1,962.50 million (US$38.50 million). The ABC+ project,
which aims to address the interconnected factors contributing to low education
outcomes in the poorest performing areas of the country, incurred delays caused by:
(a) difficulty in hiring consultants due to intermittent requirements, limited job market,
and high industry demand; and (b) lower technical baseline capacities of teachers
which warrant adjustments to training designs, among others.
Of the 23 INFRA grant-assisted projects, four were included in the GoP’s list
of priority IFPs as at May 12, 2021. Of the said projects, implementation delays were
noted in the Estrella-Pantaleon and Binondo-Intramuros Bridges Project implemented
by the DPWH. The Estrella-Pantaleon bridge component was already 100 per cent
completed while the Binondo-Intramuros bridge component encountered issues with
land acquisition for the necessary road opening for the up-ramp of the bridge in
Intramuros and was expected to be completed in the last quarter of CY 2021. The
three remaining ongoing INFRA grant-assisted projects are expected to be completed
by CY 2023 and beyond.
As at year-end, 17 projects are not yet implemented. These were mostly

funded by new ODA grants signed during the year, and are for non-COVID-related
programs and projects. These projects are expected to be completed in CYs 2022 to
2025, in line with the closing of their grant financing. Among these projects are the
Agri-business development in Bangsamoro Region with the objective of supporting
the agri-enterprise in the region through a two-pronged approach addressing the main
challenges faced by the current administration in this sector, and the National
Capacity Programme on Copernicus Satellite Data Analysis and Applications
Development which will provide nationwide capacity building on Copernicus satellite
data acquisition, analysis, image interpretation, and others.
Also noteworthy is the ODA grant for the Davao City Coastal Bypass Road
including Bucana Bridge Project amounting to P3,418.76 million (US$67.07 million)
which was received in CY 2018, with an ongoing procurement process as at
December 31, 2021.
3.0 AUDIT OBSERVATIONS
2021 36
3. AUDIT OBSERVATIONS
This report covers audit observations (AOs) on 65 programs and projects, funded or yet to be funded by ODA loans and/or
grants, which were implemented by various NGAs, GOCCs/GFIs, and LGUs. The AOs were grouped into four areas, namely: (a)
Project Implementation, Management, and Sustainability; (b) Financial Management; (c) Reliability of Financial Statements (FSs); and
(d) Compliance with Existing Laws, Rules, Regulations, and Provisions of the LA/Grant Agreement (GA)/Memorandum of Agreement
(MOA) and other agreements. These are defined in Table 32.
Table 32. Audit Observation Categories

AO Category Definition
Project Observations on the efficiency, economy, effectiveness, and sustainability of the Foreign Assisted Projects (FAPs). Audit
Implementation, observations under this category may include but are not limited to observations on project readiness, procurement of
Management, and goods/civil works/services, asset management, monitoring and evaluation, and project sustainability.
Sustainability
Financial Observations on the evaluation of the EA/IA's management, utilization, and reporting of the various sources of funds for
Management FAPs (Loan Proceeds, Grant Proceeds, GoP Counterpart, and LGU/Beneficiary counterpart). This also includes
observations noted on the audit of budget and financial accountability reports of the EA/IA.
Reliability of Observations on the General-Purpose Financial Statements (GPFSs) of the EA/IA and/or Special-Purpose Financial
Financial Statements Statements (SPFSs) for the loan and/or grant as required in the LA/GA. Audit observations under this category may
include but are not limited to various accounting errors resulting in misstatements of accounts in the FSs, as well as
discrepancies between the account balances and other reports required under the Government Accounting Manual
(GAM) for National Government Agencies (NGAs) and/or financial reports on the FAPs.
Compliance with Observations on compliance by the EAs/IAs with the applicable laws, rules, and regulations as well as the LA/GA/MOA,
Existing Laws, and other contracts/agreements entered into for the implementation of the project. This also includes non-compliance
Rules, Regulations, with accounting and auditing rules and regulations as required by COA circulars and the GAM for NGAs (i.e. preparation
and Provisions of the of Property, Plant, and Equipment Ledger Cards (PPELCs), Bank Reconciliation Statements (BRSs), Reports on the
LA/GA/MOA and Physical Count of Property, Plant, and Equipment (RPCPPEs), etc. and conduct of inventory count).
other agreements
2021 37
In compliance with Section 8(b) of the ODA Act, the respective auditors of the agencies implementing these programs/ projects
conducted audits of the operations, and the financial and physical performance of the said programs/ projects in
CY 2021. The audit observations were consolidated and summarized in the matrix shown in Table 33.
Table 33. Matrix of Audit Observations on ODA-Funded Programs/Projects

Agency and Project*
DepEd
MWSS
DPWH
DSWD
BFAR
No. Audit Observation
DOTr
DILG
PCW
DOH
DAR
PCC
LGU
NIA
DTI
DA
I. Project Implementation, Management, and Sustainability
1 Slow-paced/delayed implementation and partial/non- 1 2 5 6 8, 11, 31, 55 59 2
achievement of target outputs/activities of the 9, 12, 32,
programs/projects of various IAs resulted in the: incurrence of 10 13, 34,
additional commitment fees for FAPs implemented by the 14, 35,
Metro Manila Development Authority (MMDA), DPWH, DOTr, 16, 38,
and DSWD; possible restructuring/changes in the cost of 17, 39,
various DOTr and DPWH projects; delayed and/or non- 19, 42,
delivery of benefits to the intended recipients; and non- 20, 44,
achievement of the program/project objectives in various 21, 45,
programs/projects due to, among others: (a) various 22, 47,
delays/lapses in the procurement process; (b) inadequate 23, 50,
planning, supervision, and monitoring of the 24, 51,
program's/project's implementation in accordance with the 25, 52,
physical targets, timelines/schedules, project costs, and the 26, 54
work and financial plans; (c) issues in the site condition of 27,
various infrastructure projects of the DOTr; (d) lack of 28
interest/non-cooperation of stakeholders in the launched
activities; and (e) COVID-related restrictions.
2 Lapses/deficiencies in the implementation of various 2 5 6 57

projects/subprojects such as: discrepancies in the actual work
performed and the Program of Works (POW) of subprojects
contributing to the DepEd's Senior High School Support
Program (SHSSP); deficiencies in the completed PRDP
subprojects of the DA in various Regional Field Offices (RFOs)
and PLGU/MLGU/LGU's; lapses in the construction planning
of KC-NCDDP's subprojects in specific regions which were
affected by other programs/projects of other NGAs; and lapses
2021 38
Agency and Project*
DepEd
MWSS
DPWH
DSWD
BFAR
DOTr
DILG
PCW
DOH
DAR
PCC
LGU
NIA
DTI
DA
in the prioritization system for the parcelization of land to
Agrarian Reform Beneficiaries (ARBs) for the SPLIT project of
the DAR resulted to the non-operation/non-utilization of the
completed subprojects and/or non-delivery of the benefits to
the intended beneficiaries which were due to, among others:
(a) improper planning of the program/project; (b) lack of
monitoring and evaluation of the completed subprojects in
accordance with the POW and construction contracts; and (c)
slow verification/validation of the identity of the heirs in the
parcelization process and authenticity of the Collective
Certificate of Land Ownership Awards for the SPLIT project.
3 The status of delivery and implementation of four contracts for 6

Technical-Vocational-Livelihood (TVL) tools and equipment for
the DepEd’s SHSSP totaling P103.30 million could not be
determined due to lack of proper monitoring and assessment
of the procurement.
II. Financial Management

5 Out of the CY 2021 allotments totaling P77,980.78 million, 1 2 3, 7 11, 31, 57 59 2
which include extended prior year's allotments for various 4, 13, 32,
projects of IAs, at least P12,912.13 million were 5 16, 35,
unobligated/undisbursed, and with unutilized cash allocations 20, 36,
totaling P4,091.18 million for project disbursements due to the 21, 37,
adverse and unprecedented constraints of the COVID-19 21, 39,
pandemic, among others, of which the unutilized amounts 23, 43,
either remained in the bank as rollover fund in the succeeding 25, 44,
year or reverted to the BTr or the funding source, thus affecting 26, 45,
the timely attainment of the projects' goals and objectives. 27, 46,
28, 48,
31 50,
53,
54
6 Delays/non-availment of loan proceeds within the prescribed 2 5 31, 56,
period as stated in the LA due to inadequate planning and 34, 57
2021 39
Agency and Project*
DepEd
MWSS
DPWH
DSWD
BFAR
DOTr
DILG
PCW
DOH
DAR
PCC
LGU
NIA
DTI
DA
monitoring of project implementation by the Management 35,
resulted in the incurrence of additional CFs. 38,
39,
42,
44,
45,
47,
50,
51,
52,
54
7 Non-remittance of interest income of P70,445.43 from bank 5
deposits of the DAR-SPLIT project to the BTr did not make
additional funds available for the NG’s operations.
8 Unexpended balances from completed PRDP subprojects 2 2

totaling P1.81 million and P0.56 million which were sourced
from the loan proceeds and GoP Counterpart, and from the
LGU equity, respectively, were not returned to the source
agency/funding source, and to the General Fund of the LGUs,
respectively, resulted in the loss of opportunity in utilizing the
unexpended balances for other government projects.
9 Fund transfers to implementing agencies for various projects 1 2 3 57 2

of P3,013.08 million and advances to Procurement Service
(PS) for office supplies and equipment of P0.26 million
remained unliquidated as at year-end.
10 The delayed release of funds by the DBM to the DSWD, and 56,
the unreleased funds of P213.06 million by the DSWD to the 57
Regional Offices (RO) deprived the beneficiaries of the
benefits that could have been derived therefrom.
2021 40
Agency and Project*
DepEd
MWSS
DPWH
DSWD
BFAR
DOTr
DILG
PCW
DOH
DAR
PCC
LGU
NIA
DTI
DA
11 Lapses/deficiencies were noted in the monitoring, reporting, 57 63 64 65
and keeping of financial reports/records such as: (i) non-
reconciliation of liquidation reports between the books of
accounts and the National Project Management Office
(NPMO) reports; (ii) non-preparation of BRSs and non-
maintenance of subsidiary ledgers (SLs); and (iii) incomplete
documentation of the liquidation reports for fund transfers to
the indigenous people.
12 Excessive payment/s of P0.25 million and P34.63 million to the 32 58

consultants for the Metro Manila Flood Management Project -
Phase I, and 4Ps beneficiaries under the Social Protection
Support Project, respectively, which remained unrecovered as
at year-end, resulted in the loss of opportunity to utilize such
amounts to finance other priority programs/projects.
III. Reliability of Financial Statements

13 Various errors/omissions in the recognition of transactions
resulted in misstatements affecting the balances of various
asset, liability, income/expense, and other related accounts
reported in the IA/EA's GPFSs and/or SPFSs. Details of these
errors/omissions are as follows:
(a) non-recognition of cash transactions, as well as ForEx 32,

gain on the revaluation of the cash accounts of various 51,
DPWH projects resulting in a net understatement of P7.26 52
million in the cash account balances;
(b) Non-recognition of receipts and issuances of inventories 8, 65

and semi-expendable assets resulting in the net 9,
understatement of P3,531.44 million in the inventory 10
account balances of the HEAL (1 and 2) and PCER
projects of the DOH, and overstatement of P0.42 million
in the semi-expendable asset accounts of the SWEE
2021 41
Agency and Project*
DepEd
MWSS
DPWH
DSWD
BFAR
DOTr
DILG
PCW
DOH
DAR
PCC
LGU
NIA
DTI
DA
project of the Philippine Commission on Women (PCW),
and other related account balances;
(c) Under-recognition of the recouped VAT portion of the 12,

advances to contractors resulting in the overstatement of 24
P93.15 million in the Advances to Contractors balances
for two DOTr projects;
(d) Misstatements in the Construction in Progress (CIP), 2 20, 33, 60 62, 2

Property Plant and Equipment (PPE), and other related 25, 38, 63
account balances for various DA, DPWH, DOTr, MWSS, 26, 41,
and NIA implemented projects due to: (i) inclusion of 27 52
unserviceable PPEs of P2.70 million in the CIP and PPE
account balances of the DA and NIA-implemented
projects; (ii) inclusion of road right-of-way (RROW)
acquisition payments (which should form part of the cost
of land) totaling P1,164.00 million, which affected the
balances of the CIP accounts of the DPWH; (iii)
erroneous/non-reclassification of completed INFRA
projects/sub-projects with total costs of P20,366.34 million
from the CIP account to their appropriate asset accounts;
(iv) non-recognition of transfers of PPEs of the DOTr and
DPWH totaling P649.31 million to ROs
and other government entities; and
(v) erroneous/non-recognition of depreciation of P232.63
million of PPEs related to the projects of DPWH and
MWSS;
(e) Errors, such as: (i) inclusion of retention payables totaling 15, 38,
P225.81 million for DPWH projects which were already 22, 52
completed and/or projects financed by closed loans and; 24,
(ii) non-reversion of long outstanding and dormant 29,
payables totaling P9,162.71 million for more than two to 30
seven years for various DOTr projects, to the
Accumulated Surplus/(Deficit) accounts resulted in
2021 42
Agency and Project*
DepEd
MWSS
DPWH
DSWD
BFAR
DOTr
DILG
PCW
DOH
DAR
PCC
LGU
NIA
DTI
DA
overstatements in the balances of various liability
accounts;
(f) Misclassifications, as well as other errors resulted in the 31

net understatement of P9.77 million in the expense
account balances related to the IPIF in the DOTr's books;
(g) Other various accounting errors/omissions such as the 2 5 62 64

recognition of transactions in the incorrect fund books, and
non-accrual of expenses, among others.
14 Various discrepancies/deficiencies in the keeping and

reporting of accounts which affected the reliability of the
financial statements as at year-end, such as:
(a) Discrepancies or unreconciled balances totaling 2 5 8, 18, 62, 65 2

P14,653.23 million between the book 9, 20, 63
balances/accounting records of the DA, DAR, DPWH, 10 22,
DOTr, and NIA-implemented projects, and other reports 25,
such as the RPCPPEs, Report on the Physical Count of 26,
Inventories (RPCIs), Petty Cash Fund (PCF) records, 27
BRSs, and other reports and supporting documents which
affected the reliability of the GPFSs/SPFSs as at year-
end;
(b) Other various deficiencies such as absence/lack of 3 62,

complete accounting records and/or supporting 63
documents, and uncorrected accounting deficiencies,
among others.
V. Compliance with Existing Laws, Rules and Regulations, and Provisions of the LA/GA/MOA and other agreements
15 Personnel hired under the Contract of Service (COS) 5
arrangement did not meet the qualifications required in the
ToR, contrary to the Project Operations Manual (POM) of the
SPLIT Project.
2021 43
Agency and Project*
DepEd
MWSS
DPWH
DSWD
BFAR
DOTr
DILG
PCW
DOH
DAR
PCC
LGU
NIA
DTI
DA
16 Non-compliance with Republic Act (RA) No. 9184 and its
Implementing Rules and Regulations (IRR), and other relevant
project procurement laws, such as:
(a) Non-compliance with the prescribed mode and process of 5

procurement of goods and services;
(b) Non-imposition of liquidated damages of P0.41 million for 2

delayed implementation of various PRDP sub-projects of
the DA;
(c) Unrecouped advances of P81.01 million for various 2 40, 2

completed/terminated DPWH projects and unrecovered 49,
performance security claims of P15.63 million for various 52
terminated PRDP sub-projects of the DA;
(d) Non-extension of the validity of performance securities 2

despite contract extension and revision of completion
dates of various PRDP sub-projects;
(e) Non-posting of relevant information in the Philippine 5

Government Electronic Procurement System
(PHILGEPS), agency's website, and office premises of
various procurement of goods and services for the SPLIT
project of the DAR;
(f) Splitting of procurement of TVL learning tools and 6

equipment totaling P2.56 million for the DepEd's SHSSP
into three contracts;
(g) Non-submission of required supporting documents for the 6

procurement of goods totaling P10.08 million for the
DepEd's SHSSP.
2021 44
Agency and Project*
DepEd
MWSS
DPWH
DSWD
BFAR
DOTr
DILG
PCW
DOH
DAR
PCC
LGU
NIA
DTI
DA
17 Non-compliance with Presidential Decree (PD) No. 1445, COA
Circulars, GAM, and other accounting and auditing rules and
regulations as follows:
(a) Delayed/incomplete/non-submission of contracts, 1 2 3, 6 13, 65 2

purchase orders, disbursement vouchers, BRSs, and 4, 16,
other relevant documents for various programs/projects; 5 20,
26,
28
(b) Non-compliance with the guidelines on the grant, 1 2 2
utilization, and liquidation of fund transfers for various
projects;
(c) Non-disposal of unserviceable PPEs amounting to P0.25 2 2

million for the PRDP of the DA;
(d) Payments of honoraria, communication allowances, and 5

other disbursements totaling P4.53 million for the SPLIT
project not supported with complete and proper
documentation;
(e) Non-preparation/maintenance of accounting reports such 63

as BRSs and SLs;
(f) Unsettled disallowances totaling P46.81 million as at year- 2 3

end;
(g) Accomplishment reports submitted by COS and Job Order 13,

(JO) workers did not specifically detail the actual duties 20,
accomplished during a given period; 21,
27
(h) JO workers were not paid the wage rates equivalent to the 13,
salary of comparable positions in the government and the 20,
20 percent premium. 21,
27
2021 45
Agency and Project*
DepEd
MWSS
DPWH
DSWD
BFAR
DOTr
DILG
PCW
DOH
DAR
PCC
LGU
NIA
DTI
DA
18 Non-compliance with other relevant rules and regulations such
as RA Nos. 656, 10752, and 4566, PCW Memorandum
Circular No. 2019-02, and various Bureau of Internal Revenue
(BIR) Regulations as follows:
(a) Non-insurance of physical assets for various projects 1 4

against fire or theft with the General Insurance Fund (GIF)
of the Government Service Insurance System (GSIS);
(b) 17 parcels of land and several improvements amounting 20
to P1,650.13 million which were already fully paid to
landowners remained untransferred in the name of the
Republic of the Philippines;
(c) Delayed/non-remittance of taxes and erroneous 2 3, 2
computation of withholding taxes; 4,
5
(d) Awarding of contract amounting to P24.372 million to a 61
contractor which is not within the Philippine Contractors
Accreditation Board Specialty License Category.
*Note: Table 34 shows the List of Projects with Audit Observations and Recommendations.
2021 46
Table 34. List of Projects with Audit Observations and Recommendations
Physical No. of No. of No. of

No. Project Name
Status Loans Grants Projects
Bureau of Fisheries and Aquatic Resources (BFAR)

Fisheries, Coastal Resources and Livelihood
1 Completed 1 1 1
Project (FishCORAL)
Department of Agriculture (DA)
2 Philippine Rural Development Project (PRDP) Ongoing 3 2 1
Department of Agrarian Reform (DAR)
Convergence on Value Chain Enhancement for
3 Ongoing 1 - 1
Rural Growth and Empowerment (CONVERGE)
Italian Agrarian Reform Community Development
4 Completed 1 - 1
Support Program (IARCDSP)
Support to Parcelization of Land to Individual
5 Ongoing 1 - 1
Titles (SPLIT) Project
Department of Education (DepEd)
6 Senior High School Support Program (SHSSP) Ongoing 1 - 1
Department of the Interior and Local Government (DILG)
Disaster Risk Management and Institutional
7 Completed - 1 1
Strengthening (DRMIS)
Department of Health (DOH)
Health System Enhancement to Address and Limit
8 Ongoing 1 - 1
Covid-19 (HEAL 1)
Philippines COVID-19 Emergency Response
9 Ongoing 3 - 1
Project (PCERP)
Second Health Enhancement System to Address
10 and Limit COVID-19 under the Asia Pacific Ongoing 4 - 1
Vaccine Access Facility (HEAL 2)
Department of Transportation (DOTr)
Capacity Enhancement of Mass Transit Systems
11 in Metro Manila Project (CEMTSMMP) (LRT Line Ongoing
1-South Extension)
1 - 2
Capacity Enhancement of Mass Transit Systems
12 in Metro Manila Project (CEMTSMMP) (LRT Line Completed
2-East Extension Project)
13 Cebu Bus Rapid Transit Project (CBRTP) Ongoing 3 - 1
Not yet
14 Epifanio de los Santos Avenue Greenways Project 2 - 1
implementeda
Maritime Safety Capability Improvement Project
15 Completed 1 - 1
(MSCIP) Phase I
Maritime Safety Capability Improvement Project
16 Ongoing 1 - 1
(MSCIP) Phase II
Not yet
17 Maritime Safety Enhancement Project (MSEP) 1 - 1
implementeda
18 Maritime Safety Improvement Project (MSIP) Ongoing 1 - 1
Metro Manila Bus Rapid Transit Project
19 Ongoing 2 - 1
(MMBRTP)
20 Metro Manila Subway Project (MMSP) Phase I Ongoing 1 - 1
Metro Rail Transit Line 3 Rehabilitation Project
21 Ongoing 1 - 1
(MRT3-RP)
2021 47

No. Project Name
New Bohol Airport Construction and Sustainable

22 Completed 1 - 1
Environment Protection Project (NBACSEPP)
New Cebu International Container Port Project
23 Ongoing 1 - 1
(NCICPP)
New Communications, Navigations
24 Surveillance/Air Traffic Management (CNS/ATM) Completed 1 - 1
System Development Project
Malolos-Clark Railway Project (MCRP) – Tranche
25 Ongoing 1 - 1
1
North-South Commuter Railway Extension Project
26 Ongoing 1 - 1
(I) (NSCR Ext. I)
North-South Commuter Railway Project, Phase I
27 Ongoing 1 - 1
(NSCR I)
Philippine National Railways South Long-Haul
28 Ongoing 1 - 1
Project (SLHP)
Philippine Ports and Coast Guard Capability
29 Development Project (PPCGCDP) (formerly Completed 1 - 1
Greater Maritime Access RoRo Ports project)
Puerto Princesa Airport Development Project
30 Completed 1 - 1
(PPADP)
Department of Public Works and Highways (DPWH)/Department of Transportation (DOTr)
Infrastructure Preparation and Innovation Facility
31 Ongoing 2 - 1
(IPIF)
Department of Public Works and Highways (DPWH)/ Metro Manila Development Authority (MMDA)
Metro Manila Flood Management Project I
32 Ongoing 2 - 1
(MMFMP1)
Department of Public Works and Highways (DPWH)
33 Arterial Road Bypass Project, Phase II (ARBP II) Completed 1 - 1
34 Arterial Road Bypass Project Phase III (ARBP III) Ongoing 1 - 1
Binondo-Intramuros and Estrella-Pantaleon Bridge
35 Ongoing - 1 1
Projects
Cavite Industrial Area Flood Risk Management
36 Ongoing 1 - 1
Project (CIA-FRMP)
Cebu-Mactan Bridge and Coastal Road Not yet
37 1 - 1
Construction Project (CMBCRCP) implementeda
38 Central Luzon Link Expressway Project (CLLEX) Ongoing 1 - 1
Davao City Bypass Construction Project (DCBCP)
39 Ongoing 1 - 1
(South and Center Sections)
Flood Risk Management Project - Cagayan de
40 Ongoing 1 - 1
Oro River (FRIMP-CDOR)
Flood Risk Management Project – Cagayan,
41 Ongoing 1 - 1
Tagaloan and Imus River (FRIMP-CTI)
Improving Growth Corridors in Mindanao Road
42 Ongoing 1 - 1
Sector Project (IGCMRSP)
Integrated Disaster Risk Reduction and Climate
43 Change Adaptation (IDRR-CCA) Measures in Ongoing 1 - 1
Low-Lying Areas of Pampanga Bay
Metro Manila Interchange Construction Project
44 Ongoing 1 - 1
(MMICP) Phase VI
Metro Manila Priority Bridges Seismic
45 Ongoing 2 - 1
Improvement Project Phase I and II (MMPBSIP)
2021 48

No. Project Name
North and South Harbor Bridge, East-West Bank Not yet Awaiting
46 - 1
Bridge 2, and Palanca-Villegas Bridge implementeda financingb
47 Panguil Bay Bridge Project (PBBP) Ongoing 1 - 1
Philippines-Korea Project Preparation Facility (PK- Not yet
48 1 - 1
PPF) implementeda
Programme for the Support and Rehabilitation and
49 Reconstruction of Marawi City and its Surrounding Completed - 1 1
Areas (PSRRM)
Reconstruction and Development Plan for Greater
50 Ongoing 1 - 1
Marawi (RDPGM) Stage 2
Road Network Development Project in Conflict-
51 Ongoing 1 - 1
Affected Areas in Mindanao (RNDP-CAAM)
52 Road Upgrading and Preservation Project (RUPP) Ongoing 1 - 1
Samal Island - Davao City Connector (SIDCCP) Not yet Awaiting
53 - 1
Project implementeda financingb
54 Samar Pacific Coastal Road Project (SPCRP) Ongoing 1 - 1
Department of Social Welfare and Development (DSWD)
55 Capacity Building Training for 1000 Completed - 1 1
KALAHI-CIDSS National Community-Driven
56 Development Project (KC-NCDDP-AF) - Ongoing 1 - 1
KALAHI-CIDSS National Community-Driven
57 Completed 1 - 1
Development Project (KC-NCDDP)
Social Protection Support Project-Second
58 Completed 1 - 1
Additional Financing (SPSP-AF 2)
Department of Trade and Industry (DTI)
Rural Agro-Enterprise Partnership for Inclusive
59 Ongoing 1 - 1
Development and Growth Project (RAPID Growth)
Metropolitan Waterworks and Sewerage System (MWSS)
Angat Water Transmission Improvement Project
60 Completed 1 - 1
(AWTIP)
National Irrigation Administration (NIA)
61 Chico River Pump Irrigation Project (CRPIP) Ongoing 1 - 1

Jalaur River Multi-Purpose Project, Stage II
62 Ongoing 1 - 1
(JRMPP II)
National Irrigation Sector Rehabilitation and
63 Ongoing 1 - 1
Improvement Project (NISRIP)
Philippine Competition Commission (PCC)
Capacity Building to Foster Competition Project
64 Ongoing 1 - 1
(CBFCP)
Philippine Commission on Women (PCW)
Supporting Women's Economic Empowerment
65 Ongoing - 1 1
(SWEE)
Total 71 6 65
Notes:
a
Not yet implemented programs/projects are still under the procurement stage.
b
Projects are awaiting negotiation of the financing with the DP.
4.0 GENERAL AUDIT
RECOMMENDATIONS
2021 49
4. GENERAL AUDIT RECOMMENDATIONS

For the Implementing Agencies
Project implementation, management, and sustainability
Ensure efficient and effective implementation of the project/program components,

implement measures and exert best efforts for prompt and timely completion of target
accomplishments/activities/outputs, and attainment of objectives.
Address all identified procurement issues/hindrances and causes of delayed /non-

implementation of project component/activities through proper planning, supervision,
and monitoring of scheduled activities.
Ensure that all program/project activities, including those undertaken by the

suppliers/contractors, are closely reviewed and monitored in accordance with the
approved physical targets, schedules, costs and financing to timely detect deviations
between targets and outputs for the benefit of the intended beneficiaries and fast track
the implementation of programs/projects/ activities to improve the attainment of the
target accomplishments/outputs.
Execute projects based on the work plans and specifications and closely monitor
ongoing projects to ensure that these are implemented in accordance with the
approved plans, specifications, and schedules to deter the loss/wastage of
government funds and enable the delivery of the optimum benefits to the intended
recipients.
Monitor closely all procurement contract implementation to ensure that the contracts’
provisions are carried out as agreed and that deviations/implementation issues are
immediately and appropriately addressed.
Financial management
Institute measures to ensure the timely implementation of the programs, projects, and
activities and the preparation of realistic and attainable annual work plan and budget
(AWPB) to avoid the idling of funds and/or Notice of Cash Allocations (NCAs) and
ensure the utilization of loan proceeds or project funds as provided and as scheduled.
Plan properly and monitor closely the project implementation to accelerate/maximize

the utilization of loan proceeds by adopting efficient and remedial procedures in
accordance with the guidelines of the foreign lending institutions, and the
LAs/contracts, to lessen delays, and provide a catch-up plan to increase the availment
rate to minimize the incurrence of additional CFs.
Cause the immediate and regular remittance of the interest income earned from
project accounts to the BTr to make additional funds available for the NG’s operations.
2021 50
Immediately return all unexpended balances from completed projects to the source
agency/funding source or to the General Fund of the NG/LGUs to be utilized for other
purposes.
Strengthen the enforcement of liquidation of advances/fund transfers and demand the

immediate settlement/refund by the PS to the IAs of any unused funds, and the
submission of over-due liquidation reports from the IAs. Conduct regular monitoring,
as well as inspection, to determine the status of the transferred funds, and coordinate
with the recipient IAs to reconcile the balances and investigate the unrecorded
liquidations.
Closely coordinate with the DBM for the facilitation and timely releases of project
funds, and determine and address delays in releases of funds to project beneficiaries
to avoid delays in the project implementation and to efficiently carry out the project
objectives.
Strengthen the reporting on financial transactions, the keeping/maintenance and

monitoring of financial records/reports.
Recover from the consultants/beneficiaries the excess payment/s/releases of funds

within the prescribed period to make funds available for other project
requirements/beneficiaries.
Reliability of financial statements
Prepare the necessary adjusting entries to correct the noted errors/omissions to bring
the affected account balances to their correct balances, and ensure that all
transactions recorded in the GPFS and/or SPFS are complete, accurate, recognized
in the appropriate accounting periods, and in the proper fund books, in accordance
with the GAM for NGAs.
Prioritize the timely preparation and submission of necessary financial records and
reports, and ensure the adequacy of supporting documents, reconciliation of project
accounts with accounting/property/supply records, and appropriate adjustments are
made in the books of accounts as necessary.
Compliance with existing laws, rules and regulations, and provisions of the
LA/GA/MOA and other agreements
Observe strict compliance with the related provisions of RA No. 9184 and its IRR and
other relevant DP’s procurement guidelines.
Observe strict compliance with accounting and auditing rules and regulations,
particularly on the (i) grant, utilization, and liquidation of fund transfers, (ii)
preparation/maintenance and submission of necessary project contracts, accounting
records, reports, and other supporting documents, (iii) disposal of unserviceable
PPEs, and hiring of and payment of salaries of COS and JO workers.
2021 51
Observe strict compliance with other relevant, rules, regulations, guidelines, and
issuances, particularly on the insurance of physical assets with the GIF of the GSIS,
transfer of ownership of the title of acquired project properties, and remittance of
taxes.
For the National Economic Development Authority
Review project designs/feasibility studies thoroughly and consider in the review the
lessons learned from similar projects as an aid in determining project design
deficiencies and the viability of projects under review.
Ensure that IAs are thoroughly consulted if they are institutionally and technically
capable to undertake project design/planning, implementation, and maintain
sustainability as feasible.
Continue to monitor ODA-funded projects, particularly those with delays in

implementation, as well as those with implementation lapses/deficiencies and
coordinate with other concerned agencies for immediate resolution.
Require the IAs to document lessons learned and best practices in project
implementation for submission to the NEDA, and for compilation and posting in the
NEDA website.
Maintain in the NEDA website up-to-date relevant information on ODA loans and
grants, as well as the programs/projects funded, to ensure transparency and facilitate
validation and comparison of data with that of the IAs, and the oversight agencies.
For the Department of Finance
Ensure that loans are contracted in the amounts necessary and can be absorbed by
the IAs.
Facilitate the immediate request for loan cancellation with the DPs to minimize CFs.
Facilitate the review/evaluation of ODA data among the oversight bodies to ensure
consistency of data reported in their respective websites and agency reports.
For the Department of Budget and Management
Ensure adequate and timely release of project funds, both from loan proceeds and
GoP counterpart funds.
5.0 STATUS OF
IMPLEMENTATION OF
PRIOR YEARS’ AUDIT
RECOMMENDATIONS
2021 52
5. STATUS OF IMPLEMENTATION OF PRIOR YEARS’ AUDIT

RECOMMENDATIONS
Out of the 866 audit recommendations reported in the prior years’ audit reports on
ODA-funded programs/projects, 490 or 56.58 per cent were implemented and 376 or
43.42 per cent were not implemented as at December 31, 2021, as presented in Table 35.
Table 35. Status of Implementation of Prior Years’ Audit Recommendations

Status of Implementation
No. of % Share
IAs No. of IAs Not Total
Projects Implemented per IA
Implemented
NGAs 58 12 266 212 478 55.20
GFIs/GOCCs 5 2 124 101 225 25.98
LGUS 2a 32b 100 63 163 18.82
Total 490 376 866 100.00
Percentage 56.58 43.42 100.00
Notes:
a
Count pertains to the PRDP, and CHARMP2, which are projects mainly implemented by DA but with sub-projects/project
activities implemented by LGUs.
b
Count pertains to the specific cities, municipalities, and provincial LGUs.
Sources: Various audit reports on ODA-funded programs and projects submitted by COA Auditors
Among the reasons cited for the non-implementation of the audit recommendations
are as follows:
● Non-/delayed/incomplete submission of various documents and reports;

● Non-preparation of adjusting entries;
● Non-reconciliation of records/accounts or reconciliation in progress;
● Limitations brought about by the COVID-19 pandemic;
● Lack of coordination among the divisions/departments/offices concerned;
● Management’s inaction/non-compliance; and
● Management’s action/compliance was either partial, ongoing, or unsatisfactory.
6.0 ANNEXES
2021 i
ANNEX A. List of NG-Direct ODA Loans Contracted in CY 2021
Effectivity Closing CGLC

DP/ Amounts in million*
No. Project Name IA Description/Objective of the Project Date Date
Loan No.
(DD/MM/YY) (DD//MM/YY) USD PHP
PROGRAM LOANS 3,284.50 167,424.10
COVID-RELATED PROGRAM LOANS (POLICY-BASED LOANS) 2,784.50 141,937.10
1 ADB/ Facilitating Youth- DOLE, To increase the wage employment rates of Filipino youth. It 21-Sep-21 31-Aug-22 400.00 20,389.60
4089-PHI School-to-Work TESDA includes legislative and policy actions supporting the Borrower in
Transition Program deepening the recent reforms aimed at improving public
- Subprogram 3 employment facilitation services and providing better employment
opportunities for the youth while incorporating innovative features
to address the broader challenges to the labor market caused by
community quarantine measures imposed to control the COVID-
19 pandemic.
2 ADB/ Local Governance BLGF, To support the Borrower's local governance reform program. It 17-Dec-21 31-Aug-22 400.00 20,389.60
4102-PHI Reform Program - DILG, includes (a) strengthening the local governance framework for
Subprogram 2 DBM, service delivery; (b) modernizing and professionalizing local
NEDA, public financial management, and (c) improving the LGU
PPPCP financing and investment framework.
3 IBRD/ Philippines First DOF, To support financial sector reforms that will support the 25-Aug-21 30-Jun-22 400.00 20,389.60
9275-PH Financial Sector BSP, Government of the Philippines in achieving a resilient, inclusive,
Reform PDIC, IC, and sustainable financial sector
Development Policy SEC
Loan
4 ADB/ Build Universal DOH and To improve equitable access to quality health services. The 25-Jan-22 31-Dec-22 600.00 30,584.40
4145-PHI Health Care PHIC programmatic approach comprises two subprograms and the
Program - Program is the first program loan.
Subprogram 1
5 IBRD/ Promoting DOF, To support the Government of the Philippines in: (i) promoting 5-Jan-22 31-Mar-23 600.00 30,584.40
9312-PH Competitiveness ARTA, competitiveness and (ii) enhancing resilience
and Enhancing BSP, DA,
Resilience to DBM, BTr,
Natural Disasters BOC,
Development Policy PSA,
Loan, Subprogram DICT and
3 SEC
6 AFD/ Disaster Risk DILG To support the DILG in the devolution process of disaster risk 27-Dec-21 30-Jun-22 284.50 14,502.10
CPH 1050 Reduction reduction management (DRRM) and climate change mandate to
Enhancement at the the LGUs and address DRRM issues at the local level. It will help
Local Level to build DRRM and Climate Change Adaptation (CCA) Capacities
2021 ii

Loan No.
(DRREALL) both at the national (DILG mainly) and local level and will support
Program ongoing reform programs nationwide.
7 KEXIM/ Program Loan for DOF To build and implement systematic policy measures to vaccinate 27-Dec-21 31-Dec-21 100.00 5,097.40
PHL-24 COVID-19 the Filipinos against the COVID-19 virus
Emergency
Response Program
II - Vaccination
Program
COVID-RELATED PROGRAM LOAN (CONTINGENT CREDIT) 500.00 25,487.00
8 IBRD/ Fourth Disaster Risk DOST, To strengthen the GoP's institutional and financial capacity to 22-Dec-21 31-Dec-24 500.00 25,487.00
9300-PH Management OCD, manage risks from climate change, natural disasters, and disease
Development Policy DILG, outbreaks
Loan with a DENR,
Catastrophe DA,
Drawdown Option TESDA,
(CAT-DDO4) NEDA
PROJECT LOANS 3,128.12 159,452.82
COVID-RELATED PROJECT LOANS 2,280.00 116,220.72
9 ADB/ Second Health DOH To vaccinate priority populations against COVID-19. The Project 15-Apr-21 30-Sep-24 400.00 20,389.60
4050-PHI Enhancement shall comprise supporting, together with AIIB Loan financing, the
System to Address procurement and deployment of up to 110 million doses of the
10 AIIB/ and Limit COVID-19 DOH Eligible Vaccines through either the COVAX facility or bilateral 10-May-21 30-Sep-24 300.00 15,292.20
L0490A under the Asia arrangements with vaccine manufacturers or distributors.
Pacific Vaccine
Access Facility
(HEAL 2)
11 ADB/ Second Health DOH To vaccinate priority populations against COVID-19. The Project 25-Jan-22 30-Sep-24 250.00 12,743.50
4163-PHI Enhancement shall have the following output: COVID-19 vaccines efficiently and
System to Address effectively delivered; supporting together with AIIB Loan
and Limit COVID-19 financing, the procurement and deployment of additional doses of
12 AIIB/ under the Asia DOH the Eligible Vaccines through either the COVAX facility or bilateral 27-Jan-22 30-Sep-24 250.00 12,743.50
L0555A Pacific Vaccine arrangements with vaccine manufacturers or distributors.
Access Facility
(HEAL 2) -
13 IBRD/ Additional Financing DOH To strengthen the Philippines' capacity to prevent, detect and 31-Mar-21 29-Dec-23 500.00 25,487.00
9220-PH for Philippines respond to the threat posed by COVID-19 and strengthen national
COVID-19 systems for public health preparedness
Emergency
Response Project
2021 iii

Loan No.
14 IBRD/Philippines COVID- DOH For 29-Dec-23 300.00 15,292.20
9328-PH
19 Emergency effectivity
Response Project -
2
15 IBRD/ Second Additional DA To increase rural incomes and enhance farm and fishery 24-Sep-21 31-Jul-25 280.00 14,272.72
9271-PH Financing for productivity in the Targeted Areas
Philippine Rural
Development
Project
NON-COVID-RELATED PROJECT LOANS 848.12 43,232.10
16 ADB/ Metro Manila DPWH To support the construction of three bridges crossing the Marikina 10-Feb-22 30-Jun-27 175.10 8,925.55
4168-PHI Bridges Project River, resulting in the improved efficiency of Metro Manila's road
network
17 CEXIM/ Safe Philippines DILG To provide an Intelligent Video Surveillance, Analytics, and 6-Aug-21 6-Feb-24 275.94 14,065.88
CHI-11 Project, Phase I Communications system linked via a dedicated Multimedia
Critical Communications infrastructure in 16 Local Government
Units (LGUs) in Metro Manila. This Project shall involve the
construction of a Converged Command and Control Center and
integrated operations through the purchase and installation of
equipment and rendering of related services.
18 IBRD/ Philippines Seismic DPWH To enhance: (i) the safety and seismic resilience of selected 27-Oct-21 30-Jun-26 300.00 15,292.20
9251-PH Risk Reduction and public buildings in Metro Manila; and (ii) the capacity of the DPWH
Resilience Project to prepare for and respond to emergencies
19 KEXIM/ Maritime Safety DOTr To construct infrastructure and produce maintain a stable supply 9-Mar-21 9-Jun-25 97.08 4,948.47
PHL-21 Enhancement of Aids to Navigation that will comply with international standards,
Project and to reinforce the capacity of government personnel for the
sustainable maritime transportation safety operations through
systematic training and operation system development
Grand Total 6,412.62 326,876.92

*Note: Amounts were translated to USD for third currency-denominated loans and translated to their PHP equivalent using the BSP RERB published as at January 3, 2022.
Source: List of Active ODA Loans, DOF; SRNED as at December 31, 2021, BTr-DMAD; and CY 2021 Signed LAs
2021 iv
Annex B. List of ODA Grants Received in CY 2021
Grant Amount
Implementing Fund Original
No. Grant ID Project Title In million
Agency Source Currency
USD PHP
COVID-related Grants 107.58 5,483.69
Enhancing capacities for inclusive disaster risk reduction and
1 TCP/PHI/3807 management towards adaptive and shock-responsive social DSWD FAO USD 0.30 15.29
protection amid COVID-19
UNJP/PHI/073 Scaling Up the Joint Programme on risk-informed shock-responsive
2 Multi-Agency FAO USD 0.65 33.22
/CEF social protection in BARMM amid COVID-19
Second Additional Financing for Philippine Rural Development
3 TF05756 DA WB EUR 20.83 1,061.55
Project
Strengthening BARMM's Preparedness and Response Capacity for DP-
4 YK/IOM/89 IOM USD 2.73 139.02
Effective COVID-19 Prevention and Control (MP.0528) Implemented
DP-
5 112265 COVID-19 PINTIG LAB UNDP USD 0.32 16.35
Implemented
Reduction of unintentionally-produced persistent organic pollutants
GEF ID: 10798
and mercury through an environmentally-sound approach on health
6 UNIDO DENR UNIDO USD 0.15 7.65
care wastes management in the Philippines with a special focus on
ID:200232
the pandemic (Project Preparatory Grant)
7 TA 6670-PHI Edtech Solutions for Last Mile Schools on COVID-19 DepEd ADB USD 2.00 101.95
8 TA 6832-PHI Supporting Building Up Universal Health Care DOF ADB USD 2.00 101.95
Depending on
9 N/A Agreement on Economic and Technical Cooperation Agreed China CNH 78.60 4,006.71
Projects
Non-COVID-related Grants 165.47 8,434.65
DEC
10 Agri-business development in Bangsamoro Region BARMM EU EUR 22.71 1,160.17
2021/42356
Development of Feasibility Study on the Cascading Community
11 N/A Rainwater Catchment Systems in Micro-Watersheds of Major River DA AFD EUR 0.23 11.60
Basins
Enhancing Local Capability to Design, Develop and Manufacture
12 N/A Agricultural Machineries to Accelerate Mechanization of Philippine PHilMech KOICA USD 5.78 294.63
Agriculture
UNJP/PHI/ Emergency assistance in restoring food security and agricultural
13 DA FAO USD 0.19 9.58
072/WFP livelihoods in Typhoon Vamco-affected areas
2021 v
Grant Amount
USD PHP
Enhancing biodiversity, maintaining ecosystem flows, enhancing
GCP /PHI/
14 carbon stocks through sustainable land management and the DENR FAO USD 2.64 134.56
065/GFF
restoration of degraded forestlands (FSP)
OSRO/PHI/ Rural livelihoods protection through anticipatory action along the
15 DSWD FAO USD 1.72 87.63
100/CHA eastern seaboard
Support to enhancing farm tourism in the Philippines for inclusive
16 TCP/PHI/3805 DOT FAO USD 0.21 10.50
rural development
TCPF: Strengthening the enabling environments to address
TCP/PHI/
17 malnutrition and hunger in support of the development for a National NNC FAO USD 0.10 5.10
3804/C4
Food Policy
TCP/PHI/ TCPF: Support to ICT-based Marine Spatial Planning for Fisheries
18 DA FAO USD 0.10 5.05
3802/C2 and Aquaculture Management
TCPF: Technical Capacity Support to the Agri-Industrial Business
19 TCP/PHI/3808 DAR FAO USD 0.10 5.10
Corridors
Strengthening Institutions and Empowering Localities Against DP-
20 122575 UNDP AUD 13.06 665.49
Disasters and Climate Change (SHIELD) Program Implemented
21 TA 6902-PHI Support for Development of Philippine Growth Strategy DOF ADB USD 0.23 11.47
Support for National Economic and Development Authority's
22 TA 6821-PHI NEDA ADB USD 0.23 11.47
Agency Improvement Plan and Capacity Development
23 TA 6667-PHI Upgrading and Enhancing the Corporate Registration System SEC ADB USD 1.75 89.20
DP- Australia-
24 INN332 Philippine Civil Maritime Security Program AUD 1.76 89.64
Implemented DFAT
Strengthening Philippine Justice Responses to Violent Extremism DP- Australia-
25 INN331 AUD 5.61 286.18
Program Implemented DFAT
Establishment of an Integrated Water Resources Management
26 N/A Information System for the Pampanga River Basin - IWRMIS Phase NWRB KOICA USD 5.80 295.65
II
Capacity Building Support to the Department of Social Welfare and
720BHA21IO0 DP-
27 Development (DSWD) Towards Protection of Mobile and IOM USD 1.00 50.97
0105 Implemented
Vulnerable Populations in the Philippines (EP.0019)
Grant 125639: Integrating Women Peace and Security in DP-
28 125639 UNDP USD 0.15 7.42
Peacebuilding Implemented
29 127919 UNDP USD 0.31 15.80
2021 vi
Grant Amount
USD PHP
30 128073 UNDP USD 0.08 4.12
DP-
31 125894 Joint Programme on Integrated National Financing Framework UNDP USD 0.20 10.01
Implemented
DP-
32 129148 Pintig Lab UNDP USD 0.43 21.93
Implemented
DP-
33 126604 Small Arms and Light Weapons (SALW) Reduction UNDP USD 0.05 2.55
Implemented
Capacity Building Workshop on the Disaster Risk Reduction (DRR)
34 N/A NCCA UNESCO USD 0.04 1.94
of Intangible Cultural Heritage
72049221C00
35 Cities for Enhanced Engagement and Governance (CHANGE) Multi-Agency USAID USD 15.00 764.57
003
DEC National Capacity Programme on Copernicus satellite data analysis
36 PhilSA EU EUR 11.64 593.55
2020/41826 and applications development
37 CPH 1033 02 P Technical Assistance to Bangko Sentral ng Pilipinas BSP AFD EUR 0.80 40.61
72049221C00
38 Better Access and Communication (BEACON) Multi-Agency USAID USD 33.28 1,696.23
002
Non-Project Grant Aid for the provision of Sugarcane Equipment to Embassy
39 N/A SRA JPY 6.95 354.49
Sugar Regulatory Administration (SRA) (FY2020) of Japan
40 Output 1.3 Adolescent Health Multi-Agency UNICEF USD 0.20 10.06
41 Output 1.2 Child Health Systems Multi-Agency UNICEF USD 9.57 488.02
42 Output 3.5 Child Protection Humanitarian Action CWC UNICEF USD 0.96 48.83
43 Output 3.1 Child Protection Policy and Legislation Multi-Agency UNICEF USD 1.48 75.54
44 Output 3.2 Child Welfare Systems Multi-Agency UNICEF USD 0.53 27.05
45 Output 2.1 Early Childhood Education ECCD UNICEF USD 0.53 26.79
46 Output 3.4 Holistic Parenting CWC UNICEF USD 0.08 3.86
47 Output 4.1 Local Government Strengthening Multi-Agency UNICEF USD 0.70 35.92
48 Output 1.1 Nutrition and First 1000 Days Multi-Agency UNICEF USD 2.19 111.55
Peacebuilding and Child Protection- Protection from Conflict and
49 Output 3.6 BARMM UNICEF USD 0.69 35.24
Disasters
50 Output 2.4 Peacebuilding and Learning-Protection from Conflict and Disasters BARMM UNICEF USD 1.44 73.32
Peacebuilding and Local Governance- Protection from Conflict and
Disasters
Peacebuilding and Survive and Thrive- Protection from Conflict and
Disasters
2021 vii
Grant Amount
USD PHP
53 Output 2.2 Quality and Inclusive Learning - Primary DepEd UNICEF USD 1.76 89.54
54 Output 2.3 Quality and Inclusive Learning-Adolescent DepEd UNICEF USD 0.76 38.56
55 Output 3.3 Social Change to End Violence Against Children DSWD UNICEF USD 0.05 2.72
56 Output 4.2 Social Protection DSWD UNICEF USD 0.82 41.86
57 Output 1.4 Wash Enabling Environment Multi-Agency UNICEF USD 1.52 77.46
OAA-TO-15- Global Health Supply Chain - Procurement and Supply
58 DOH USAID USD 2.00 101.95
00007 Management (GHSC-PSM)
7200AA18CA0
59 Sustaining Technical and Analytic Resources (STAR) DOH USAID USD 1.50 76.46
0001
7200AA19CA0
60 TB Implementation Framework Agreement (TIFA) DOH USAID USD 0.75 38.23
0013
Preparation of the Agus Pulangi Hydropower Complex for
61 N/A NPC WB USD 0.70 35.68
Rehabilitation Project
Technical Assistance for the Capacity Building of the Public-Private
62 N/A PPP Center AFD EUR 0.57 29.00
Partnership Center*
BIR Information Communication Technology Modernization
63 N/A BIR US USD 0.81 41.26
Strategy and Data Center Technical Assistance Project
Metro Cebu Intelligent Transportation System Master Plan
64 N/A DOTr US USD 0.69 34.97
(MCITSMP)
Capacity Building on Efficient Approach for Insect Pest
65 N/A DA Korea KRW 0.51 25.75
Identification using Microscopy System
Alliance for
66 TS-2021-9001 Creation of an Agent Registry in the Philippines BSP Financial USD 0.12 6.11
Inclusion
Grand Total 273.05 13,918.34

Cy 2021

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Cy 2021

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CONSOLIDATED AUDIT

2021 REPORT ON OFFICIAL

REPUBLIC OF THE PHILIPPINES

Moreover, RA No. 8182 mandated the National Economic and Development

Actual Debt 3,558,382.75 3,100,318.72 458,064.03 8,170,414.62 6,694,687.82 1,475,726.80

NG-Direct 1,558,378.74 1,292,871.64 265,507.10 153.60 156.30 -

CHART 1. DISTRIBUTION OF EXTERNAL DEBT AS AT

NG-D and NG-R NG-G Debt Securities Total

c) Status Report on National External Debt and NG Outstanding Debt Stock as at

d) Detailed DSEs of Foreign Loans-Direct, Relent to GOCCs/GFIs, and NG

e) Actual DSEs prepared by GOCCs/GFIs, as verified by COA auditors, for direct

In compliance with Section 8(b) of RA No. 8182, as amended, mandating COA to

D. ODA Financial Highlights

In CY 2021, DSEs for ODA loans comprising of principal repayments, interests,

E. ODA-Funded Programs and Projects’ Implementation Highlights

As at December 31, 2021, a total of 76 ODA loan-funded programs/projects and 270

Table 2. Implementation Status of ODA-Funded Programs and Projects

F. Significant Audit Observations and Recommendations

For CY 2021, audit reports on 65 completed and ongoing programs/projects showed

1. On Project Implementation, Management, and Sustainability

a. Slow-paced/delayed implementation and partial/non-achievement of target

We recommended that IAs: (i) ensure efficient and effective

b. Lapses/deficiencies in the implementation of various projects/subprojects

We recommended that IAs execute projects based on the work plans

a. Out of the CY 2021 allotments totaling P77,980.78 million, which include

b. Delays/non-availment of loan proceeds within the prescribed period as

We recommended that IAs plan properly and monitor closely the

3. On Reliability of Financial Statements

a. Various errors/omissions in the recognition of transactions resulted in

We recommended that IAs prepare the necessary adjusting entries to

b. Various discrepancies/deficiencies in the keeping and reporting of accounts

We recommended that IAs prioritize the timely preparation and

a. Non-compliance with RA No. 9184 and its Implementing Rules and

We recommended that IAs observe strict compliance with the related

We recommended that IAs observe strict compliance with accounting

We enjoin Management to ensure the full implementation of all audit

1. FINANCIAL STATUS OF ODA LOANS AND GRANTS

1.1.1 LOAN COMMITMENTS

In calendar year (CY) 2021, the National Economic and Development

Table 1. Summary of Active ODA Loans in CY 2021

All of the 19 new loans in CY Chart 1. Sectoral Classification of New

Table 2. Financial Terms and Conditions of CY 2021 ODA Loans

Appraisal Fee 0.25% on the

Terms and Multilateral Bilateral

Table 3. Summary of CY 2021 New ODA Loans

The contingent credit with CNLC of P25,487.00 million (US$500.00 million)

The remaining COVID-related project loan with a CNLC of P14,272.72 million

Rural Development Project (PRDP)11 implemented by the Department of Agriculture

On the other hand, four non-COVID-related project loans contracted from

Table 4. Details on the Amendment of Two ADB Loans

The amendment pertains to additional

1.1.2 AVAILMENTS AND UNDRAWN COMMITMENTS

A comparison of the availments in CY 2021 with the CY 2020 levels revealed

Chart 2. Comparison of CY 2020 and 2021 Availments (Amounts in million)

Sector 2020 2021 Increase/(Decrease)

In contrast, availments of the remaining sectors (SRCD, AARNR, INFRA, and

impacts of the COVID-19 pandemic on low-income households (i.e. the DSWD’s

In addition, one loan contracted in CY 2020 to finance the Support to

Moreover, initial availments for three loans contracted in CY 2019, to finance

Conversely, a total of 15 loans for projects of various IAs under the

Table 6. Loans with Significant Declines in Availments in CY 2021

The DA also reported significant decreases in availments totaling 75.61 per

Table 7. Effective Loans Without Availment in CY 2021