ADB Grants Loan To Support PH Agriculture Sector

The Philippines has secured a fresh loan from the Asian Development Bank to fund programs on reforms for the agriculture sector.

The ADB said the $500 million loan would support initiatives under the Competitive and Inclusive Agriculture Development Program that aims to develop the local agriculture sector through reforms in trade policy and the regulatory framework.

“This new loan aims to support the Philippines’ efforts to attain food security by building a competitive and inclusive agriculture sector that is characterized by improved efficiency, enhanced diversity, strengthened climate resilience, and higher farm incomes,” ADB Principal Natural Resources and Agriculture Economist for Southeast Asia Takeshi Ueda said.

The loan will enhance social protection measures for rural families and support rice buffer stock management for emergencies, unconditional cash transfers, and adequate financing for the country’s rice industry.

The new loan will support policy measures to ensure food security in the Philippines to ease the pressures on Filipinos due to food and commodity price hikes and supply shortages.

Source: Philstar