Recto inks financing deals with WB to rebuild typhoon-damaged schools

Finance Secretary Ralph Recto has officially entered into a USD500-million financing agreement with the World Bank-International Bank for Reconstruction and Development (WB-IBRD) to support the reconstruction of over 3,000 schools across the Philippines that were impacted by typhoons.

In an announcement made Wednesday last week, the Department of Finance (DOF) confirmed that the deal was signed by Recto and Zafer Mustafaoğlu, the World Bank Group’s Country Director for the Philippines, Malaysia, and Brunei, on November 18, 2024.

The Infrastructure for Safer and Resilient Schools Project aims to restore and reinforce educational facilities damaged by natural disasters between 2019 and 2023 in regions outside of Metro Manila.
This includes efforts such as repairs, retrofitting, and rebuilding to ensure schools are more resilient to future calamities.

The total cost of the project is projected at USD555.56 million, with USD500 million funded by WB-IBRD. The remaining amount will be covered by the Philippine government.

Set to run from 2024 to 2029, the project will be overseen by the Department of Education, in collaboration with the Department of Public Works and Highways.