Philippines agrees $1.14-B loans with World Bank for environment, farming

June 26, 2023 - 7:17 PM
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World Bank, Washington DC
Wall art at the World bank building in Washington, DC as seen in May 2017. (Markus Krisetya via Unsplash)

MANILA — The Philippines on Monday said it had signed four loan agreements with the World Bank totalling $1.14 billion, including $750 million of budgetary support for policy reforms to boost environmental protection and climate resilience.

The agreements also include $276 million of funding support for two projects aimed at developing the agriculture and fisheries sectors, and $110 million financing for improving education quality, according to the Philippines’ finance department.

The Southeast Asian country is looking to transform its long-neglected farm sector into an engine of growth.

President Ferdinand Marcos Jr, who is also the agriculture minister, has vowed to undertake reforms to improve productivity of the sector, which in recent years accounted for about a tenth of gross domestic product. — Reporting by Enrico Dela Cruz; Editing by Martin Petty