Gov't receives $500M ADB loan for agri sector

The Philippines will receive a $500-million loan, or about P27.9 billion, from the Asian Development Bank (ADB) to support efforts to make the local agriculture sector more sustainable through 2030.

- BY DEXTER BARRO II

ADB agriculture, food, nature, and rural development sector office senior director Qingfeng Zhang said the loan agreement is part of the Manila-based multilateral lender's plan to invest $1.5 billion for its program to build clearinghouse facilities across Asia and the Pacific.

These facilities will be developed by the bank alongside global research organization Consultative Group for International Agricultural Research (CGIAR), with financing support from Gates Foundation.

The ADB said the program aims to improve the agriculture sector's productivity sustainably, while enabling it to adapt to harsher climate conditions and reducing water and carbon footprints.

This is envisioned to boost investments in sustainable and low-carbon rice production, with the intent of improving the lives of millions of vulnerable small-time farmers.