WB grants $600m loan to agri, fishery sectors

By Julito G. Rada

THE World Bank said Friday it approved a $600-million (around P33.3 billion) loan to the Philippines to strengthen further the agriculture and fisheries sectors.

The World Bank said in a statement the Philippine Rural Development Project Scale-Up will expand on the implementation of the Philippine Rural Development Project launched in 2014 by the Department of Agriculture. This initiative has been instrumental in strengthening the agriculture and fisheries sectors, bolstering rural infrastructure, and enhancing connectivity.

The expansion aims to stimulate further growth in these critical sectors and strengthen the nation’s rural economy.

“Almost 60 percent 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,” World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand Ndiamé Diop said.

Diop said 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.

The Rural Development Project is active in 80 provinces, including 640 municipalities and 32 cities, and has reached almost 633,000 farmers, raised incomes, and improved connectivity to