DOF endorses $20-M UAE grant for Pasig River rehab to OP - GMA Network

The Department of Finance (DOF) said Thursday it endorsed a proposed $20-million, or approximately P1.2 billion, grant from the government of the United Arab Emirates (UAE) to the Office of the President (OP) for the rehabilitation of the Pasig River.

In a statement, the DOF said the proposed grant will support the Pasig River Restoration Project (PRRP), which targets a 25% reduction in plastic and organic waste entering the Pasig River system over five years.

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

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

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

The DOF said the project would cover five key areas of intervention, namely waste recovery and interception; household waste segregation and collection; capacity-building and support for informal waste collectors; improved waste processing and recovery; and stronger enforcement against illegal dumping.

The Finance Department said it is seeking the necessary authority to negotiate the proposed agreement, including its terms and conditions.

Once authorized, the DOF said it will facilitate negotiations with the UAE government in coordination with concerned government agencies. —AOL, GMA News