MANILA, Dec. 23 (Xinhua) -- The Philippines' Department of Finance (DOF) has signed 12 financing agreements worth 5.67 billion U.S. dollars for projects in infrastructure, transport, defense, digital technology, health, and agriculture in 2024, Finance Secretary Ralph Recto said Monday.
These include the third tranche of financing for the Metro Manila Subway Project (Phase 1), the country's first-ever underground railway system.
Recto said the DOF has also secured 73.73 million dollars worth of grants from bilateral and development partners for 13 projects in infrastructure, peace and development, climate adaptation and mitigation, water security, and artificial intelligence-based systems in agriculture, among others.
Grants are aids given by development partners with no obligation for repayment.
Moreover, Recto said the DOF forged government-to-government agreements with France and Sweden, a memorandum of understanding, and a cooperation arrangement with South Korea through the Export-Import Bank of Korea.
With the DOF's prudent debt management strategy, Recto said the country's financing mix currently stands at 77:23 in favor of domestic borrowings as of the end of November 2024.
"This strategy allowed the Philippines to effectively mitigate foreign exchange risks, take advantage of the abundant liquidity in the country's financial system, and support the development of the local debt and capital markets," added the finance chief.
With this, Recto said the county's debt remains manageable at 61.3 percent of gross domestic product as of the third quarter of 2024. ■