The Philippines-Italy Debt for Development Swap Program arising from the Agreement signed between the Government of the Republic of the Philippines, through the Department of Finance, and the Republic of Italy, through the Embassy of Italy in Manila on May 9, 2012 is now in its full swing. The DOF has started accepting Project Proposals under the Program from the first day of September.

Designed to fund environmental projects with equal emphasis on poverty alleviation component, the 2.9 million euro proceeds from the debt conversion would further President Aquino’s inclusive growth agenda.

The Debt for Development Swap Program is open to project proposals of interested National Government Agencies (NGAs), Local Government Units (LGUs), Italian and Philippine Civil Society Organizations (CSOs), and Community-based Organizations (CBOs), which is aligned with the broad-based, multi-stakeholder approach to development partnerships for sustainable and people-oriented results.

NGAs, LGUs, and CSOs can propose large (Php25M – Php35M) and medium (Php10M – Php25M) projects, while CBOs can propose small projects (Php2.5M – Php10M).

“We thank the Italian Government for supporting our development objectives,” Secretary Purisima said, adding that under this productive partnership, both parties will ensure accountability in project implementation, so that the project benefits will reach their rightful beneficiaries.

Interested proponents to the Philippine-Italy Debt Swap Program have until September 20 to submit their project proposals. Further details can be accessed athttp://www.dof.gov.ph/?page_id=7051.