Additional support will be provided to farmers and fisherfolk in the Philippines with the World Bank Group approving a $600-million loan to build on the momentum of the Philippine Rural Development Project that was launched in 2014. | RonWDomingoINQ /PDI
Financing will come from a loan from the International Bank for Reconstruction and Development of the World Bank Group.
The intention is to stimulate further growth in these critical sectors and strengthen the Philippines’ rural economy. “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,” said. Mio Takada, senior agriculture economist at the World Bank, noted that PRDP concentrated on spurring growth among farming and fishing enterprises.“The Scale-Up takes this further, emphasizing support throughout the value chain, from production through to marketing, ultimately increasing the competitiveness and profitability of these businesses,” Takada said.
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