August 2020, South Asia 

“The Philippines has made tremendous strides in reducing the national poverty rate, but rural poverty remains high because of low productivity and limited crop diversification,” said ADB Vice-President Ahmed M. Saeed. “

The Asian Development Bank (ADB) has approved a $400 million policy-based loan to support reforms by the Philippine government aimed at raising the productivity and competitiveness of the country’s agriculture sector and significantly reducing poverty in rural areas.

The Competitive and Inclusive Agriculture Development Program, Subprogram 1, will help the government expand economic opportunities in the farm sector by implementing trade policy and regulatory reforms, enhancing public services and finance to the sector, and expanding social protection to rural families.

“The Philippines has made tremendous strides in reducing the national poverty rate, but rural poverty remains high because of low productivity and limited crop diversification,” said ADB Vice-President Ahmed M. Saeed. “This loan will support the government’s comprehensive suite of policy and regulatory reforms, resolving institutional weaknesses in land and water management, expanding agricultural financing to boost productivity, and extending the social safety net to unserved and underserved rural families.”