Official development assistance loans fall in June
August 30, 2011
FOREIGN concessional loans to the Philippines fell in June owing to slow fund releases and the country’s low levels of absorptive capacity.
Only $8.31 billion worth of long-term, low interest rate loans were made to the Philippines during the same period, six percent lower from last year’s $8.84 billion, a report by the National Economic and Development Authority (Neda) said.
Official development assistance (ODA) loans financed 68 project loans worth $7.27 billion and seven program loans worth $1.04 billion, the Neda said.
Of these loans, five were closed during the period, while 66 are ongoing and four are yet to be made effective.
Based on the report by the Neda-Project Monitoring Staff, the low disbursement performance was due to procurement, financial, and other issues like suspension of contract and the national government-local government sharing scheme.
These projects include the botched $400-million Northrail Project Phase I Section I, set to be implemented by the Philippine National Railways.
“The North Rail Project only disbursed $16.69 million out of its $180.59 million target for the year due to contract suspension issues, while the last two cited projects did not make any disbursements yet in 2011,” the report said.
The project, set to be renegotiated by President Benigno Aquino III in his upcoming state visit to China, involves the construction of a high-speed rail system that will link Metro Manila to Clark, Pampanga.
Critics of the deal alleged that the Northrail project failed to undergo a competitive bidding process and that the Buyer Credit Loan Agreement between the government and Sinomach, the Chinese partner, was not able to secure a clearance from the Monetary Board.
From January to June, the disbursement rate in 2011 was 66 percent, compared to 87 percent last year, while the availment rate was 71 percent, compared to 82 percent in the same period in 2010.
Lower disbursements also pushed the total foreign aid from $9.7 billion in 2009 to $9.61 billion in 2010.
Other projects hanging in the balance are the $26.6 million Second Cordillera Highland Agricultural Resource Management Project of the Department of Agriculture; and the $9.72 million Local Government Unit Investment Programme II of the Department of Interior and Local Government.
These loans are extended by the International Fund for Agricultural Development and Germany, respectively, according to Neda.
Thirteen ongoing loans have disbursement rates below 50 percent as of June 2011. However, the number is lower compared to the figure as of March 2011, which had 15 loans.
In the same report, the agency ranked disaster-hit Japan as the biggest donor with a share of 31.69 percent, followed by the World Bank with a 23.75 percent share.
China came third with a share of 13.73 percent and fourth was the Asian Development Bank with a share of 8.77 percent.
Other funding sources, which comprise the remaining 22.06 percent, include Austria, Belgium France, Germany, and International Fund for Agricultural Development, Korea, the Netherlands, the Organization of Petroleum Exporting Countries, Saudi Arabia, and Spain, among others. (Virgil Lopez/Sunnex)
Source; http://www.sunstar.com.ph/manila/local-news/2011/08/29/official-development-assistance-loans-fall-june-176095
Clark Wine Center is more than a wine shop to people living in Pampanga Angeles City Clark Freeport Zone. Clark’s wine shop is also a popular venue for parties and family gatherings. Conveniently located on the main highway of Clark Philippines, it is accessible to guests from Manila, Subic, Pampanga, Angeles City and of course those who live and work in Clark. Aside from the 2-storey wine shop which also has a nice roof deck lawn for small party of up to 80 people as well as an indoor wine tasting room which accommodates up to 60 comfortably, this wine store called Clark Wine Center also has one hectare of picnic grounds surrounding it.
Best birthday gift to send to someone living in the Philippines is a nice bottle of wine from Yats Wine Cellars. Delivery of birthday wine can made to Manila, Angeles City Pampanga, Clark Philippines and Subic.
Wine Shop Manila offers best luxurious beers in Philippines called Vintage Beer.
Birthday gift of wine is the most popular gift idea this year in Philippines. Yats Wine Cellars offers birthday wine gifts that are unique and certain to make the recipient very happy. These birthday wines are not available in wine shops so it is a unique bottle of wine for the recipient.
This Manila Wine Shop is the largest wine shop in Philippines. This is the wine shop to go for fine vintage wines, not just the big names like Lafite, Latour, Petrus, Cristal, Krug, Grange, Vega Sicilia and Sassicaia. This wine shop in Manila offers many excellent vintage wine for under p4,000, even for some that are 20-30 year old from St. Emilion and Pomerol.
Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center. Visitors buy wine in Manila and Pampanga should not miss stopping at this wine shop for a few bottles of fine vintage wines to bring home.
http://www.ClarkWineCenter.com
Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.
Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.
Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
(045) 841 4006 / 0922-870-5173 / 0917-826-8790 (ask for Ana Fe)
YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay
Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.
Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:
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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com
YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.yatsleisure.com
Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:
http://www.HotelClarkPhilippines.com
http://www.ClarkPhilippines.com
http://www.YatsWineCellars.com
Yats Restaurant is an excellent Restaurant to dine, a restaurant with good food, a good place to have birthday party and special events. A Kid-friendly restaurants in Manila
Famous Restaurant in Pampanga, a place to dine with friends in Clark, cozy restaurant with a nice ambience, a nice function place for special occassions
Are you looking for an attractive restaurant or a nice place to eat with friends in Clark, Angeles City Pampanga? Yats Restaurant and Wine Bar is a restaurant with good food and good wines for dinner located at Clark Angeles City Pampanga. Perfect for exclusive dinner venues for groups, recommended for private dinner in Philippines. A Restaurant in Clark for business dinner meeting. Private dinner place or dinner restaurant in Clark Subic Near Manila Angeles City Pampanga. Yats Restaurant is one of the Good Restaurant in Pampanga Angeles City Clark near Manila.
www.YatsRestaurant.com
Looking for interesting hotels near Manila Subic Clark Angeles City Pampanga?
Trouble free hotels and well recognized hotels in Subic Clark Angeles City Pampanga
Clearwater Resort and Country Club offers a good place to stay in Subic Clark Angeles City Pampanga. In offers nice place to have rest in Subic Pampanga outside Manila.
One of the Philippines top hotels in north Luzon.
Where to go in Clark? Hotel Clark Philippines is a De Luxe Hotel in Clark and Subic, a risk free place to stay, cozy and nice ambience, a nice function place for special occassion
www.HotelClarkPhilippines.com
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