MANILA, Philippines - The Philippines has scored good points from the International Fund for Agricultural Development (IFAD) and is now entitled to more funds, according to Ambassador Philippe J. Lhuillier, who is also the country’s Permanent Representative to IFAD.
Lhuiller said IFAD president Kanayo Nwanze informed him that the Philippines’ allocation for funds had been increased under IFAD’s performance based allocation system.
For the period 2010 to 2012, the Philippines can expect to borrow $50 million more from the IFAD if it so desires.
On an annual basis, the Philippines can be lent by IFAD $13 million this year, $16.6 million in 2011 and $20 million in 2012.
For the period 2007 to 2009, the Philippines was entitled to borrow $43 million.
The Philippines borrowed $27 million in 2008 for the Cordillera Highland Resource Management Project II (CHARM II) and $16 million in 2009 for the Rapid Food Production Enhancement Programme (RFPEP) project.
IFAD adopted a performance based allocation system of lending in 2003 along the lines of approach done by other international financial institutions. The Asian Development Bank also uses a similar system.
Lhuillier explained “the PBAS is based on annual allocation exercises that operate in the context of three-year cycles or allocation periods. Within each cycle IFAD reviews the ex ante allocations annually to reflect the results of the annual country performance assessments, as these capture significant country needs and achievement in the sphere of policy and institutional frameworks.”