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Manila Bulletin devider Business devider PH signs $600-M agri loan from World Bank

PH signs $600-M agri loan from World Bank

Published Jul 10, 2023 05:40 am
The Department of Finance (DOF) announced it has successfully secured a loan agreement with the World Bank that seeks to revitalize and modernize the country’s agriculture sector. The Philippine government as represented by the DOF and the World Bank signed on July 7 a loan agreement worth $600 million, roughly P33.34 billion, for the Philippine Rural Development Project (PRDP) Scale-Up. According to the DOF, the PRDP Scale-Up initiative is aimed at propelling the agriculture sector into a modernized and industrialized era through public infrastructure interventions and the reinforcement of the commodity value chain. DOF added that the PRDP Scale-Up, led by the Department of Agriculture (DA), is also in response to the persistent challenges faced by the agriculture and fisheries (A&F) sector and rural communities in the country. Central to the project's objectives is the facilitation of enhanced market access for farmers and fisherfolk, allowing them to reap the benefits of increased income from selected agri-fishery value chain, the DOF said. Additionally, the project aims to optimize efficiency within the food supply chain, thereby contributing to an improved overall agricultural landscape. Last June 6, President Ferdinand Marcos Jr. emphasized the need to develop the agriculture sector not only in terms of production, but also in ensuring the welfare of farmers and fisherfolk. The government's thrust for a modernized agriculture and agribusiness sector is envisioned to spur social and economic transformation, as detailed in the Philippine Development Plan (PDP) 2023-2028. The PRDP Scale-Up will cover 16 regions composed of 82 provinces in the country, focusing on areas where about half of the Philippines’ 109.03-million A&F population resides. It will entail direct investments in rural infrastructure and enterprise sub-projects, which will directly benefit about 450,000 farmers and fisherfolk and generate about 42,000 new jobs. Amounting to $818 million or P45.01 billion in total, the remaining $218 million will be funded by the national government and involved local government units (LGUs). The World Bank has been supporting the project since 2014, and has provided two additional loans in 2018 and 2021. Upon the completion of the PRDP Scale-Up, the DA aims to facilitate its transition into a regular locally-funded program to ensure the continuity and sustainability of the project’s interventions. As of July 2023, the total World Bank official development assistance loan and grant commitments amount to an estimated $7.94 billion.
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