FINANCE authorities sought presidential authority to negotiate a proposed $20-million grant from the United Arab Emirates (UAE) to finance efforts to reduce waste pollution in the Pasig River system.
The grant, about P1.2 billion, will support the Pasig River Restoration Project (PRRP). This is a five-year initiative targeting 25-percent reduction in plastic and organic waste entering the waterway.
“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,” Finance Secretary Frederick Go said in a statement on Thursday.
“The proposed assistance would strengthen waste management efforts and help improve the quality of life of our people,” he added.
The DOF said it had endorsed the proposed UAE assistance to the Office of the President (OP), seeking authority to negotiate an agreement that would establish the terms and conditions of the grant.
“Once authorized, the Department will facilitate negotiations with the UAE Government in coordination with concerned government agencies,” the DOF said.
Unlike loans, grants are a form of development assistance that do not require repayment, allowing the government to finance development initiatives without incurring additional debt obligations from the assistance.
The project will focus on five key areas: waste recovery and interception; household waste segregation and collection; capacity-building and support for informal waste collectors; improvements in waste processing and recovery; and stronger enforcement against illegal dumping.