Metro Manila (CNN Philippines, July 1) — The World Bank (WB) on Friday approved a $600 million (about ₱33.2 billion) loan geared towards increasing market access and income for almost half a million Filipino farmers and fisherfolk.
\”Almost 60% of the poor work in agriculture in the Philippines, so accelerating the growth of agriculture and fishery is vital for the country’s development overall and for poverty reduction,\” said Ndiamé Diop, WB country director for Brunei, Malaysia, Philippines, and Thailand.
\”Improving access to markets will help farmers and fisherfolk in rural areas raise their incomes, provide for their families, and elevate their standards of living,\” Diop added.
The loan is expected to make them possible by upscaling the Department of Agriculture’s Philippine Rural Development Project (PRDP) launched in 2014.
\”This initiative [PRDP] has been instrumental in strengthening the agriculture and fisheries sectors, bolstering rural infrastructure, and enhancing connectivity,\” the WB said.
The PRDP is active in 80 provinces, covering 640 municipalities, 32 cities, and has supported about 633,000 farmers.
\”The expansion aims to stimulate further growth in these critical sectors and strengthen the nation’s rural economy,\” the WB also said.
The international financial institution said the PRDP scale-up would improve the access of micro to medium-scale agricultural and fishery enterprises to resources, knowledge, income-generating activities, and the participation of women in the sector in these activities.
It will also finance post-harvest technologies, and climate-proof infrastructure \”including more roads, bridges, irrigation systems, and post-harvest storage facilities such as warehouses, drying, and cold storage.\”
A few days earlier, the Philippines and the WB signed four loan agreements valued at $1.14 billion to fund initiatives on climate resilience, agricultural productivity, and education.
READ: PH signs $1.14B loan with World Bank
