JICA Expands Philippine Bank's Lending for Agriculture Projects

The Japan International Cooperation Agency has provided 2.8 billion Japanese yen (USD30.4 million) to help the Land Bank of the Philippines expand its lending portfolio for agriculture-related projects.

The funds, which will be available through smaller local banks in the Philippine countryside, are expected to benefit up to 55,000 farmers and fishermen, among other target beneficiaries, GMANews.TV reports.

Some 1.6 billion yen of the money will available for agriculture and fishery projects, while the remaining 1.2 billion yen is allocated to aid agribusiness ventures and small and medium-sized enterprises.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.