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The Department of Finance (DOF) has secured P4.69 billion worth in funding from the International Fund for Agricultural Development (Ifad) for a project that will support 350,000 people in 86 agrarian reform communities (ARCs) in the country.
The intention is to help fight poverty through value chain innovation and sustainable natural resource management.
The DOF on Saturday said the Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities (Vista) project will help 52 ARCs in the Cordillera Administrative Region and 34 ARCs in Soccsksargen, which covers the provinces of South Cotabato, Cotabato, Sultan Kudarat and Sarangani, and General Santos City.
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The project has an estimated total cost of P6.23 billion, of which P4.69 billion will be financed by the Ifad, which is based in Italy and is an agency of the United Nations.
The project seeks to alleviate rural poverty, enhance livelihoods and boost the resilience of impoverished communities in vulnerable upland areas of the country. It aims to achieve this by improving the inclusiveness of value chains and promoting the conservation and sustainable use of natural resources.
Targeted approach
“The Vista project is a holistic and targeted poverty-fighting and sustainable development solution that takes into account the complex realities faced by our 86 agrarian reform communities,” Finance Secretary Ralph Recto said in a statement.
The projects comprises three main components which are ecosystem planning, protection, and enhancement; sustainable value chain development; and project management.
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Recto said the project will create more jobs and businesses, boost income, enhance protection against climate change, and improve living conditions for the people in both regions.
Meanwhile, Ifad vice president Gerardine Mukeshiman said the project will enhance rural resilience against environmental challenges in the regions, as well as modernize agriculture and agribusiness.
The DOF said that the ceremonial exchange of the document was held between Recto and Ifad country director Umit Mansiz on Friday. INQ