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PH, World Bank sign $600-M loan for agri, fisheries

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Farmers along the Nueva Ecija-Aurora road take advantage of the good weather and start land preparations for the next rice planting cycle on Nov. 23, 2018. Jire Carreon, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/11/23/20181123-farmers-nueva-ecija-jc-2.jpg"/><figcaption>Farmers along the Nueva Ecija-Aurora road take advantage of the good weather and start land preparations for the next rice planting cycle on Nov. 23, 2018. <em>Jire Carreon, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA -- The Philippines has signed a $600 million loan deal with the World Bank to boost the agriculture and fisheries sector in the country, the Department of Finance said Monday.</p><p>The loan agreement is for the Philippine Rural Development Project (PRDP) Scale-Up, which aims to boost farmer and fisherfolk access to markets, increase income from selected agri-fishery value chains, and improve efficiency in the food supply chain.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/22/23/industry-group-laments-number-of-farmers-falling">Industry group laments number of farmers falling</a></li></ul><p>The project will involve direct investments in the rural infrastructure and enterprise projects, which will directly benefit about 450,000 farmers and fisherfolk and generate about 42,000 new jobs.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/12/06/22/joint-order-on-farm-to-market-roads-out-this-december-palace">Agencies to sign joint order on farm-to-market roads this December: Palace</a></li>	<li><a href="https://news.abs-cbn.com/news/05/04/23/alternative-fishing-areas-for-oil-spill-hit-fisherfolk-bared">DILG bares alternative fishing areas for oil spill-affected fisherfolk</a></li></ul><p>It will cover 82 provinces in the Philippines.</p><p>Out of the $818 million allotted for the project, $218 million will be funded by the national government and the local government units. </p><p>Once completed, the Department of Agriculture will make it a locally-funded program to ensure its sustainability. </p><p>The World Bank has been supporting the project since 2014, and has provided two additional loans in 2018 and 2021. </p><p>The World Bank&#x27;s total official development assistance loan and grant commitments is at an estimated S$7.94 billion as of July 2023. </p><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2622875" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Philippines has signed a $600 million loan deal with the World Bank to boost the agriculture and fisheries sector in the country.