NextGen Day

A $500 million loan has been authorized by the Asian Development Bank (ADB) to boost the nation’s agriculture industry and promote food security.

The Competitive and Inclusive Agriculture Development Program’s Subprogram 2 is designed to promote changes to trade policy and regulatory frameworks in order to further the development of the agriculture sector, according to a statement from the ADB.

Additionally, the initiative aims to enhance social protection for rural households, public services, and financing for the farm industry.

The policy-based loans from ADB support the government’s aim for policy reform by providing development finance for the national budget.

Extreme weather conditions and economic shocks are making it harder for the farm sector to increase productivity, according to Takeshi Ueda, the lead natural resources and agriculture economist for Southeast Asia at ADB.

By creating a competitive and inclusive agriculture sector that is distinguished by better efficiency, enhanced diversity strengthened climate resilience, and higher farm incomes, he added, the new loan would boost the Philippines’ attempts to achieve food security.

The second subprogram, which builds on the policy reforms implemented under the first subprogram adopted in 2020, would promote efficient rice buffer stock management for disaster situations and relief programs. This will help to ensure food security in the nation.

Additionally, it will support recent government programs, such as unconditional cash transfers to smallholder rice farmers and concessional loans to the sector’s micro and small businesses, smallholder farmers, and fisherfolk.

The second subprogram will also assist the government in bettering the management and planning of water and land use.

Additionally, it would improve government support for farmers and ensure there is sufficient capital to make the rice business more competitive under a liberalized trading framework.

Arsenio Balisacan, secretary of the National Economic and Development Authority, had said that the agriculture sector in the nation is struggling with a number of concerns, including the need for investments to modernize as well as governance and institutional problems.

He claimed that modernizing the nation’s agricultural industry will enhance productivity and lower food prices.

The ADB has historically supported the nation’s rural development, natural resource, and agricultural industries.

The international lender is presently putting together additional initiatives for the nation like the Integrated Flood Resilience and Adaptation Project, Mindanao Irrigation Development Project, and Mindanao Agro-Enterprise Development Project to aid the sector in becoming more resilient.

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