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World Bank amends gov't educational loan
Manila Bulletin
|November 15, 2025
The Philippines and the World Bank have agreed to amend the terms of the loan financing for the Department of Education's (DepEd) Teacher Effectiveness and Competencies Enhancement Project (TEACEP), whose implementation had been stalled by late budget releases and procurement issues.
On behalf of the Philippine government, Finance Secretary Ralph G. Recto signed the amendment to the loan agreement on Wednesday, Nov. 12. Zafer Mustafaoğlu, World Bank Division Director for the Philippines, Malaysia, and Brunei, signed the same amendment on behalf of the Washington-based multilateral lender last Oct. 7.
The amendment adjusted the 12 performance-based conditions (PBCs) and loan amount allocations, following a restructuring requested by the Philippines last September.
A separate Nov. 11 implementation status and results report showed that only $7.99 million, or 7.26 percent of the $110-million investment project financing (IPF) approved by the World Bank for TEACEP back in June 2023, has been disbursed to date.
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