Gov’t inks $600-m World Bank loan to modernize agri, fisheries sectors

The World Bank and the Department of Finance, on behalf of the government, signed the deal on July 7, 2023.

Romualdez said more than 600,000 agrarian reform beneficiaries can now focus on “living their lives to the fullest” and work to realize their dreams and aspirations for their families with the signing of RA 11953 into law. Amounting to $818 million in total, the remaining $218 million will be funded by the national government and will involve local government units.

In a stakeholder meeting on June 6, President Ferdinand Marcos, Jr. emphasized the need to develop the agriculture sector not only in terms of production but also in ensuring the welfare of farmers and fishers. “Before, our farmers have been restrained by the crippling thought of losing the land they till to huge and unpaid debts. They can now put all their efforts into cultivating their lands and providing for their families’ needs instead of being immobilized by debt,” Romualdez said.

“By condoning the debts of our farmers, the New Agrarian Emancipation Act provides them with a fresh start and the opportunity to improve their livelihoods,” said Co.

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