The Asian Development Bank has approved a $500-million policy-based loan to help the Philippine government expand economic opportunities in agriculture while ensuring near- to long-term food security for Filipinos.
“Extreme climate events and economic shocks are exacerbating the struggles of the agriculture sector to raise their productivity,” said Takeshi Ueda, ADB principal economist on natural resources and agriculture in Southeast Asia.
“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,” Ueda said in a statement.
This latest ADB loan that was approved for the Philippines supports Subprogram 2 of the Competitive and Inclusive Agriculture Development Program, which is aimed at further developing the agriculture sector with reforms in trade policy and regulatory framework.
READ:
ADB OKs $500-M loan to help PH fully recover from COVID-19
PH gets $400-M ADB loan for poverty reduction in farm sector
The business headlines in under one minute
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
