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.
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