FINANCE Secretary Ralph Recto recently signed a USD500-million financing agreement with the World Bank-International Bank for Reconstruction and Development (WB-IBRD) to rebuild over 3,000 schools damaged by typhoons nationwide.

In a statement on Wednesday, the Department of Finance said the agreement was signed by Recto and WBG Country Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu on Nov. 18, 2024.

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.

With a total project cost of USD555.56 million, the USD500 million equivalent will be financed by WB-IBRD while the remaining will be shouldered by the Philippine government.

The project will be implemented from 2024 to 2029, and will be led by the Department of Education in partnership with the Department of Public Works and Highways.

“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,” 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 added.