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House wants to make foreign debts more effective - Vimarsana News

House wants to make foreign debts more effective

Published: November 23, 2021

Albay Rep. Joey Salceda (File photo) MANILA - The chair of the House Committee on Ways and Means on Tuesday said it is necessary to put in place transparency and accountability mechanisms to ensure the effectiveness of Official Development Assistance (ODA) loans and grants. Albay Rep. Joey Salceda said House Bill 10322 aims to keep ODAs good by making the terms fair, the spending efficient, and the process accountable and transparent. "ODAs are useful when they work for the people," Salceda said after the chamber unanimously approved the bill on third and final reading with 166 affir...

Source: philippinetimes.com
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France GeneralJoey SalcedaA Congressional Oversight CommitteeNational EconomicDevelopment AssistanceHouse Committee On WaysDevelopment AuthorityNational GovernmentHouse CommitteeOfficial Development AssistanceHouse BillCongressional Oversight CommitteeParis DeclarationAlbay Rep Joey Salceda File Photo Manila The Chair Of House Committee On Ways And Means Tuesday Said It Is Necessary To Put In Place Transparency Accountability Mechanisms Ensure Effectiveness Official Development Assistance Oda Loans Grants Bill 10322 Aims Keep Odas Good By Making Terms FairHe Spending EfficientNd The Process Accountable And Transparent Quot Odas Are Useful When They Work For PeopleUot Salceda Said After The Chamber Unanimously Approved Bill On Third And Final Reading With 166 Affirmative Votes MeasureHich Was Authored And Approved By Both Majority Minority LegislatorsLlows The Yield On Recently Issued Government Bonds To Serve As Discount Rate Benchmark When Estimating Present Value Of Debt Service GrantsF Such Yields Are Lower Than The 10 Percent Fixed Rate Set By National Economic And Development Authority Neda Quot Fact That Both Members Of Majority Makabayan Bloc Were Authors This Proposal Shows Unanimity With Which House Regards Making Our Debts Work For Filipino PeopleUot Salceda Added If EnactedHe Bill Will Also Continue To Require That The Grant Portion Of Oda Consist At Least 25 Percent Aid Package It Be Administered With Specific Objective Achieving Sustained Reduction Poverty And Inequality Measure Studies On Project 39s Social Economic Impact Consultation Targeted Groupsa Congressional Oversight Committee Created Monitor Ensure Proper Implementation Proposed Law Review Grants Loan Agreements Entered Into By National Government Have Authority Initiate Independent Funded Projects Odas Are Concessional Financing Provided Multilateral Banks Or Foreign Governments Poorer Countries Promote Development Salceda Said Supported As Institutionalization Paris Declaration Effectiveness In Philippines 2005 Quot Givesa Series Measures Establishesa Monitoring System Assess Progress Donors Recipients Hold Each Other Accountable For Their Commitments Fundamental Principles Ownership Developing Set Own StrategiesMprove Their Institutions And Tackle Corruption Alignment Donor Countries Align Behind These Objectives Use Local Systems Harmonization CoordinateImplify Procedures And Share Information To Avoid Duplication Results Developing Countries Donors Shift Focus Development Get Measured Mutual Accountability Partners Are Accountable For Pna