The Philippines signed a financing agreement worth $500 million with the World Bank-International Bank for Reconstruction and Development (WB-IBRD) to rebuild over 3,000 climate-resilient schools damaged by typhoons nationwide in order to support students’ learning needs.
The Infrastructure for Safer and Resilient Schools Project involves the repair, rehabilitation, retrofitting and reconstruction of damaged school facilities affected by natural hazards between 2019 and 2023 from all regions outside Metro Manila.
“I thank the World Bank for being a trusted partner in our journey towards climate resilience and economic security for Filipinos. Damaged school buildings directly threaten this goal, as these spaces are where we shape our nation’s most valuable asset—our youth,” Finance Secretary Ralph Recto said.
“Poor facilities affect both students and teachers, weakening our human capital, reducing productivity, and driving poverty. Hence, we are prioritizing investments in resilient school buildings to secure a better future for our children and our country,” he said.
The DOF said of the total project cost of $555.56 million, about 466.07 million euros or $500 million equivalent would be financed by WB-IBRD, while the remaining would be shouldered by the Philippine government.
Recto and WBG country director for the Philippines, Malaysia and Brunei Zafer Mustafaoğlu signed the loan agreement on Nov. 18, 2024.
The project will be implemented from 2024 to 2029, led by the Department of Education (DepEd) in partnership with the Department of Public Works and Highways (DPWH).
