The latest loan agreement is for the Philippine Rural Development Project (PRDP) Scale-Up, which seeks to make the agriculture and fisheries sectors to be more competitive, sustainable, and technology-based.
The Philippines has inked a new $600-million loan agreement with the World Bank to bring the country’s total loan and grant commitments from the multilateral lender to an estimated $7.94 billion, the Department of Finance announced Monday.
According to the DOF, the project covers 82 provinces across all the regions of the country, with a focus on areas where about half of the Philippines’ 109.03-million agriculture and fisheries population reside. The total project cost is $818 million, with the remaining $218 million funded by the national government and the involved local government units .
Based on its policy framework uploaded on the DA website, the PRDP Scale-Up has five components — national and local level planning, rural infrastructure market linkage, enterprise development, project implementation support, and contingent emergency response.
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