Congress supports DA’s move to raise funds through bond sale
House of Representatives expressed its support towards the proposal of Agriculture Secretary Emmanuel Piñol to raise funds through a bond sale, proceeds of which will be used to finance the construction of 13,000 kilometers of farm-to-market road (FMR) and the government’s farm and fisheries mechanization program, a statement showed.
Eastern Samar Representative Ben Evardone, chair of the House of Representatives’ Committee on Banks and Financial Intermediaries, said the proposed bond flotation will speed up modernization of farming and boost direct access by farmers to markets.
He said this will also allow banks to comply with the requirement of the Agri-Agra Law to set aside 25 percent of their loanable funds for agricultural financing.
“I have discussed this concept of bond flotation with (Finance) Secretary (Carlos) Dominguez and he believes floating bonds to finance the construction of this vital road network is a good investment in the future of our rural areas,” Evardone said.
Evardone said the completion of the network of FMR will ultimately boost the agriculture sector as well as fast-track the fulfillment of the promise of the Duterte Administration to provide available and affordable food to all Filipinos.