Philippines : support for development program

The GOP will use the dollars to service official debt owed to multilateral institutions or for other agreed upon uses. An equivalent amount of local currency will be used for budget support in such priority areas as health, population, and education, as well as for monitoring and evaluation costs, Mission local currency costs, etc. The funds will be provided in three tranches over a 2-year period. Disbursement is dependent on GOP performance in implementing administrative reforms aimed at making public investment projects more effective and policy reforms aimed at fostering broad-based, employment generating, private sector-led development.