The Department of Agriculture (DA) on Monday said it is seeking to secure multi-billion-dollar worth of foreign financing to further boost the agriculture sector in the country.
At the sidelines of the Kadiwa ng Pangulo Expo 2024 press conference, DA Assistant Secretary Arnel de Mesa said the country has about 12 to 14 new financing projects in partnership with the World Bank, the Asian Development Bank (ADB), and the French government.
These include the USD1 billion Philippine Sustainable Agriculture Transformation project.
“This will become the single largest project within the department. Ang goal nito is parang meron tayong mga disbursement-linked indicators na magko-commit ang department ng mga (Its goal is for us to have a disbursement-linked indicator where the department will commit) certain policy reforms within the government, within the Department of Agriculture,” de Mesa said.
He said the pre-appraisal mission for the Philippine Sustainable Agriculture Transformation project will start next week, with an agreement signing expected to be set in June 2025.
“So, priority will be iyong mga agri infrastructure natin na for the longest time, talagang medyo nagkulang ng financing tayo (our agriculture infrastructures will be prioritized, which, for the longest time, lacked financing). So, this will be used for those projects,” de Mesa said.
The DA also has a scoping mission with the World Bank for USD300 million under the Micro, Small and Medium (MSMEs) Access to Finance and Climate Resiliency Project.
“Tutulong ito dun sa mga maaapektuhan ng mga calamities na makabangon muli (This will help those who will be affected by calamities to recover again), especially for micro, small and medium enterprises,” de Mesa said.
The financing for MSMEs will be done in partnership with the Department of Finance, Department of Trade and Industry, Philippine Crop Insurance Corporation, Agricultural Credit Policy Council, and the Insurance Commission, among others.
The Asian Development Bank has also approved a USD250-million solar irrigation project; and a USD140-million grant for the project preparation for installations in 18 ports nationwide, pipe irrigation system, and aquaculture project under the Bureau of Fisheries and Aquatic Resources.
The DA, in partnership with the French government also aims to fund 300 farm-to-market bridges nationwide worth 350 million euros, or over USD366 million.
“We appreciate the efforts of our Secretary (Francisco Tiu Laurel Jr.) to secure additional financing from bilateral and multilateral sources to finance yung mga kakulangan nga ng ating mga pondo para sa (the funding gaps in the) Department of Agriculture,” de Mesa said.
To date, the DA has more than PHP208 billion in funds for 2024. (PNA)
