Countries and Regions

	Table of Contents
p. 17 of 20 BACK | NEXT I. Country Performance Assessment II. Country Operational Strategy III. Sector Strategies IV. Subregional Economic Cooperation V. Donor Activities and Aid Coordination VI. Cofinancing and Catalyzing External Resources VII. ADB’s Operational Program VIII. Economic and Sector Work Program IX. Local Cost Financing

Country Assistance Plans - Philippines

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VI. Cofinancing and Catalyzing External Resources

74. The Philippine Government’s cofinancing strategy for the medium term is to maximize cofinancing from market sources for revenue-generating projects while continuing official cofinancing to the extent possible for projects in the social sectors. This meshes well with the current COS focusing more on the social sectors and less on commercially viable sectors, such as energy and urban water supply, which can rely on market cofinancing. The Asian Currency Crisis Support Facility (ACCSF) has provided convenient guarantee facility for cofinancing from commercial sources and has also enabled access to additional technical assistance funds, which the Philippine Government is keen to utilize to the maximum extent feasible.

75. Significant cofinancing has been a regular feature of the annual programs for the Philippines. This has included both official and commercial cofinancing. In 2000, the Transmission Interconnection and Reinforcement Project is likely to be cofinanced by JBIC in the amount of $100 million, and commercial cofinancing of $330 million under ACCSF guarantee is also being sought. Cofinancing has also been arranged for the Pasig River Environmental Management and Rehabilitation Sector Development Program. The CPM for 2000 has targeted achieving annual cofinancing levels of about 50 percent of the lending levels in the program for 2001-2003. Projects for cofinancing in the forward programs include Mindanao Basic Urban Services Sector Project (2001), Rural Electrification Project (2002), and Integrated Coastal Resources Management Project (2003). Considerable cofinancing is also expected in ADB’s private sector projects in the Philippines, including through the use of ADB's Complementary Financing Facility.

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