Finance Sec. Benjamin Diokno and World Bank Country Director for the Philippines Ndiame Diop signed four loan agreements, worth around US$ 1.14 billion.
The Department of Finance (DOF) said on Monday, June 26, that the agreements will 'finance various government initiatives aimed at accelerating economic recovery, strengthening climate resilience, improving the quality of education, and developing the agriculture and fisheries sectors.
DOF said that US$ 276 million will support the projects of the Department of Agriculture - Bureau of Fisheries and Aquatic Resources (DA-BFAR).
The Finance department particularly mentioned the&nbsp;Mindanao Inclusive Agriculture Development Project (MIADP)&nbsp;and the&nbsp;Philippine Fisheries and Coastal Resiliency (FishCoRe) Project as among the beneficiaries of the agreement.
"The MIADP aims to sustainably increase the agricultural productivity, resiliency, and accessibility to markets and services of organized farmers and fisherfolks in selected ancestral domains and for selected value chains in Mindanao," DOF said in a press release.
"Meanwhile, FishCoRe aims to improve fisheries management, enhance the value of fisheries production, and elevate incomes in selected coastal communities," the department explained.
The signed agreements also include a US$ 10 million loan for the Teacher Effectiveness and Competencies Enhancement Project of the Department of Education.
The said program seeks to improve equitable access to quality teaching in Kindergarten to Grade 6 in project-supported areas, namely the Zamboanga Peninsula, SOCCSKSARGEN, and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM)
Diokno and Diop also signed an agreement for budgetary support amounting to US$ 750 million under the Philippines First Sustainable Recovery Development Policy Loan (DPL), which will support policy reforms aimed at boosting environmental protection and climate resilience in the Philippines.
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DOF, World Bank sign loan agreements worth US$ 1.14 billion