The Asian Development Bank (ADB) has approved a $500-million policy-based loan to assist the Philippine government in expanding economic opportunities in the agriculture sector and ensuring food security for the population.
"Extreme climate events and economic shocks are exacerbating the struggles of the agriculture sector to raise their productivity,” ADB Principal Natural Resources and Agriculture Economist for Southeast Asia Takeshi Ueda said in a statement.
According to the ADB, the loan supports Subprogram 2 of the Competitive and Inclusive Agriculture Development Program, which aims to develop the agriculture sector with trade policy and regulatory framework reforms. The second subprogram continues support for policy measures introduced in the first subprogram approved in 2020, which are aligned with the Philippine Development Plan for 2023 to 2028.
This will also allow the provision of unconditional cash transfers to smallholder rice farmers and concessional loans to agriculture- and fishery-based micro and small enterprises and smallholder farmers and fisherfolk under COVID-19 recovery and other credit assistance programs, according to the ADB.
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