MEDIA RELEASE
Released By:
Downer
I am pleased to announce funding of $34 million to enable the Philippine Government to significantly improve its land administration system over the next five years.
This funding will support the second phase of the Land Administration and Management Project. It builds on the success of first phase of the project which has already made significant improvements in reforming policy and property valuation standards, improving land records management, and increasing title security for landowners.
Efforts to reduce poverty and support economic growth in the Philippines are currently held back by an overly complex and ineffective land administration system. Without clear land title and ownership rights, enterprising landowners cannot get the finance they need to start a business as they are unable to use their property as collateral.
The World Bank's Doing Business report of 2005 has shown that heavy regulation and weak property rights exclude the poor from doing business.
Increasing the amount of land covered by land title and improving bureaucratic processes has the potential to unlock development, stimulate business and improve the social and economic lives of millions in the Philippines.
Australia is delivering this project in partnership with the World Bank. This will bring our contribution to the project to $48 million.
The Australian Government expects to contribute a total of $63.7 million to the Philippines in official development assistance in 2005-06.
This announcement was made at the conclusion of the inaugural Philippines-Australia Ministerial Meeting in Sydney today.
Media inquiries:
Chris Kenny (Mr Downer's office) 0419 206 890
AusAID (Public Affairs) 0417 680 590