PH signs $450M World Bank loan for rural development
Agriculture Secretary Manny Piñol said the Philippines has signed a $450-million financing from the World Bank to extend its rural development program.
“I signed new loan documents involving the allocation of an additional $450 million financing from the world Bank for the extension of the PRDP (Philippine Rural Development Program,” Piñol said in a post on his Facebook page.
The agriculture chief said he has been encouraging local government officials to participate in the PRDP because its project implementation is “excellent.”
He said the PRDP includes, Piñol said Emperador Inc. is looking to distribute its own brandy in 50 countries by the end of the year.
He said the PRDP is one of the major foreign funded projects under the Department of Agriculture which involves the construction of roads and bridges and financing for livelihood projects and facilities that improve productivity in rural areas.
He said the PRDP was effectively inspired by the Mindanao Rural Development Program that started in five provinces in Mindanao, including North Cotabato.
He said he was deeply involved in the conceptualization, planning, and implementation of the MRDP which had its first headquarters in Kidapawan City, North Cotabato where he served as governor.