PH, Italy partner for development projects
MANILA, Philippines - The Department of Finance (DOF) has started accepting project proposals under the Philippines-Italy Debt for Development Swap program.
The 2.9 million euro (roughly P168.9 million) proceeds from the debt conversion will go to funding environmental projects with emphasis on poverty alleviation.
Finance Secretary Cesar V. Purisima said the DOF is now accepting project proposals from interested government agencies, local government units, as well as Italian and Philippine civil society organizations.
The project proposals should be aligned with the broad-based, multi-stakeholder approach to development partnerships for sustainable and people-oriented results.
Government agencies, LGUs and civil society organizations can propose large (P25M - P35M) and medium (P10M - P25M) projects. Community-based organizations can propose smaller projects (P2.5M - P10M).
"We thank the Italian Government for supporting our development objectives," Purisima said.
Interested proponents to the Philippine-Italy Debt Swap Program have until September 20 to submit their project proposals.