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. | ManilaBulletin READ:
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 Scale-Up.
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. 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 2023-2028.
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 .
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