The national government secured additional $30 million worth of loan from World Bank (WB) for the Autonomous Region in Muslim Mindanao (ARMM) Social Fund Project (ASFP).

Finance Secretary Margarito B. Teves, said Thursday that the project aimed to reduce poverty and support peace initiatives in conflict-affected areas in ARMM region.

Specifically, the additional financing aims to enhance access to social and economic infrastructure and livelihood opportunities, improve local governance and institutional capacity in ARM, focusing on improved transparency and accountability in the allocation and management of public resources by the ARMM Regional Government, Local Government Units, and participating communities.

“ARMM is one of the poorest regions in the Philippines. Its deeply-rooted poverty situation aggravated by decades of unresolved conflict and weak governance requires continuous support and technical assistance by national, regional, and local government agencies, the private sector, and the donor community,” Teves said.

The additional financing will have two major components, namely:

• Community Development Assistance (CDA) which will provide opportunities to community groups for increased participation in developing, implementing, and managing community projects that addresses their priority socio-economic needs; and

• Institutional Strengthening and Governance (ISG) which will support information, education, and capacitybuilding activities on good governance, as well as community-driven development approaches.

The original financing of $33.6 million from the World Bank and 2.47 billion Japanese Yen from the Japan International Cooperation Agency (JICA) has assisted 859 of the 2,469 barangays (villages) of ARMM. Of these barangays, 655 were assisted under the World Bank financing. With the additional financing, the project has been extended to May 31, 2013.