The National Government through the Department of Finance has signed a $600 million loan agreement with the World Bank (WB) for the Philippine Rural Development Project (PRDP) Scale-up, which aims to support initiatives to boost the agriculture sector. The project, which is worth $818 million in total, will be implemented in 82 provinces in the country and is seen to benefit 450,000 farmers and fisherfolk and generate about 42,000 new jobs through direct investments in rural infrastructure and enterprise sub-projects. The remaining $218 million will be funded by the National Government and will involve local government units (LGUs).

World Bank grants $600M loan to boost africulture; farmers in all PH provinces to benefit. (2023, July 11). SunStar Cebu, p. 2.