Landbank, Japan sign P1.76-B loan deal for agri projects
MANILA – The Land Bank of the Philippines and the government of Japan have signed a loan agreement worth almost 5 billion yen (about P1.76 billion) to fund agricultural projects in Mindanao, the Department of Finance said Tuesday.
The loan will fund a five-year project that aims to boost agribusiness investments in the Autonomous Region in Muslim Mindanao and other conflict-affected in Mindanao, the DOF said in a statement.
The loans funded under the project will be made available to large agribusiness enterprises, farmers’ organizations, small businesses, and corporation-managed farms, it added.
“The HARVEST project is seen to help create an enabling investment environment in the ARMM and other conflict-affected areas in southern Philippines to help rev up the economy and raise incomes in these communities,” Finance Secretary Carlos Dominguez III said.
President Rodrigo Duterte and Prime Minister Shinzo Abe witnessed the signing of the agreement Malacanang last week during the Japanese leader’s two-day official visit to the Philippines. |
