Manila, Philippines – The Philippine government and the World Bank Group (WBG) have signed a $500 million agreement to rebuild schools damaged by natural disasters, particularly those affected by typhoons from 2019 to 2023. This was announced by the Department of Finance on Wednesday, November 23.

The project, which will be implemented by the Departments of Education and Public Works and Highways from 2024 to 2029, aims to repair, rehabilitate, renovate, and reconstruct over 3,000 schools outside the National Capital Region. The total project cost is estimated at $555.56 million, with the World Bank contributing $500 million and the Philippine government providing the remaining funds.

Finance Secretary Rafael Dorotheo said, “We are delighted to continue our journey towards climate resilience and economic security for Filipinos through our trusted partnership with the World Bank. Damaged school buildings pose a direct threat to our youth, who are our nation's most precious asset.”

He added, “Substandard facilities impact both students and teachers, weakening human capital, lowering productivity, and perpetuating poverty. Thus, we prioritize investing in resilient school buildings for a brighter future for our children and our country.”

The initiative underscores the Philippine government's commitment to improving educational infrastructure, especially in areas vulnerable to natural disasters. By investing in resilient school buildings, the government aims to ensure uninterrupted learning and contribute to the long-term development of the country.