By Lawrence Agcaoili

Finance Secretary Margarito Teves said yesterday the World Bank is willing to increase its lending program to the Philippines by as much as $1 billion a year in the next four years despite the controversy surrounding its shelved road project.

Teves said the bank?s Philippine Country Assistance Strategy showed that lending to the country would rise by an average of $700 million to $1 billion a year in the next four years.

The World Bank recently barred three Filipino construction companies on allegations of collusion in the first phase of the National Roads Improvement and Management Program.

Teves said the bank?s new commitments would reverse a decline in its lending to the Philippines to $2.7 billion, or 2.8 percent of total portfolio in fiscal year 2008, from $3.1 billion in 2005.

?The proposed lending will reverse the negative net transfers and would result in an increase in the Philippines? share of total [World Bank] lending to 3.6 percent in 2012,? Teves said, quoting the bank?s statement in the country assistance strategy.

Teves said the multilateral lending agency increased its lending portfolio to the Philippines in appreciation of the government?s campaign against graft and corruption.

?They have seen that we are serious in our efforts to improve governance and that we are not letting up in our fight against corruption,? the finance chief said.

He added that the lending institution had already approved the funding worth $232 million for the National Road Improvement Program phase 2 after the government placed more stringent anti-corruption measures.

He said the measures include greater transparency, independent procurement assessment and technical audit and private sector participation.