BUSINESS
Advocates Philippines
PH-World Bank Seal USD $600 Million Loan For Agri-Fisheries Sector
Photo credit: DA
On July 7, 2023, the Department of Finance (DOF) of the Philippines and the World Bank (WB) joined forces to sign a significant US$600-million loan agreement.
The loan aims to support the Philippine Rural Development Project (PRDP) Scale-Up, an initiative spearheaded by the Department of Agriculture (DA) that seeks to modernize and industrialize the agriculture sector. The project will achieve this through the implementation of public infrastructure interventions and the strengthening of the commodity value chain.
The Philippine Rural Development Project (PRDP) Scale-Up is an expanded response to the long-standing challenges faced by the agriculture and fisheries (A&F) sector as well as rural communities in the country. By improving access to markets for farmers and fisherfolk, increasing income from selected agri-fishery value chains, and enhancing the efficiency of the food supply chain, the project aims to boost the sector's growth and development.
President Ferdinand Marcos, Jr., in a stakeholder meeting held on June 6, 2023, emphasized the importance of developing the agriculture sector not only in terms of production but also in ensuring the welfare of farmers and fisherfolk. The President's vision for a modernized agriculture and agribusiness sector aligns with the goals outlined in the Philippine Development Plan (PDP) 2023-2028, which aims to drive social and economic transformation.
The PRDP Scale-Up will cover 16 regions, encompassing 82 provinces across the country, with a particular focus on areas where approximately half of the Philippines' 109.03-million A&F population resides. The project will involve direct investments in rural infrastructure and enterprise sub-projects, benefiting around 450,000 farmers and fisherfolk and generating approximately 42,000 new jobs.
Of the total project cost amounting to US$818 million (PHP45.01 billion), the remaining US$218 million will be funded by the National Government (NG) and various local government units (LGUs). The World Bank has been a longstanding supporter of the project, having provided two additional loans in 2018 and 2021.
Upon completion of the PRDP Scale-Up, the Department of Agriculture aims to transition it into a regular locally-funded program. This transition will ensure the continuity and sustainability of the project's interventions, securing the long-term benefits for the agriculture sector and rural communities.
The World Bank's official development assistance (ODA) loan and grant commitments in the Philippines have reached an estimated total of US$7.94 billion as of July 2023, reaffirming their commitment to supporting the country's development goals.
The loan aims to support the Philippine Rural Development Project (PRDP) Scale-Up, an initiative spearheaded by the Department of Agriculture (DA) that seeks to modernize and industrialize the agriculture sector. The project will achieve this through the implementation of public infrastructure interventions and the strengthening of the commodity value chain.
The Philippine Rural Development Project (PRDP) Scale-Up is an expanded response to the long-standing challenges faced by the agriculture and fisheries (A&F) sector as well as rural communities in the country. By improving access to markets for farmers and fisherfolk, increasing income from selected agri-fishery value chains, and enhancing the efficiency of the food supply chain, the project aims to boost the sector's growth and development.
President Ferdinand Marcos, Jr., in a stakeholder meeting held on June 6, 2023, emphasized the importance of developing the agriculture sector not only in terms of production but also in ensuring the welfare of farmers and fisherfolk. The President's vision for a modernized agriculture and agribusiness sector aligns with the goals outlined in the Philippine Development Plan (PDP) 2023-2028, which aims to drive social and economic transformation.
The PRDP Scale-Up will cover 16 regions, encompassing 82 provinces across the country, with a particular focus on areas where approximately half of the Philippines' 109.03-million A&F population resides. The project will involve direct investments in rural infrastructure and enterprise sub-projects, benefiting around 450,000 farmers and fisherfolk and generating approximately 42,000 new jobs.
Of the total project cost amounting to US$818 million (PHP45.01 billion), the remaining US$218 million will be funded by the National Government (NG) and various local government units (LGUs). The World Bank has been a longstanding supporter of the project, having provided two additional loans in 2018 and 2021.
Upon completion of the PRDP Scale-Up, the Department of Agriculture aims to transition it into a regular locally-funded program. This transition will ensure the continuity and sustainability of the project's interventions, securing the long-term benefits for the agriculture sector and rural communities.
The World Bank's official development assistance (ODA) loan and grant commitments in the Philippines have reached an estimated total of US$7.94 billion as of July 2023, reaffirming their commitment to supporting the country's development goals.
Jul 10, 2023
