JICA grants Landbank loan for Mindanao’s agriculture

The Japan International Cooperation Agency has granted the Land Bank of the Philippines a loan worth 4.928 billion yen which will be used to support the agriculture industry in war-torn Mindanao. This loan scheme is under the project “Harnessing Agribusiness Opportunities through Robust and Vibrant Entrepreneurship Supportive of Peaceful Transformation,” simply called as “Harvest”.

Image grabbed from Cotabato Province website. 

 The project would not only be assisting agricultural enterprises and farmers’ cooperatives, as it will also be a means to provide human resource training and technical assistance to Landbank, and other institutions. “This project will create employment and promote a higher standard of living, thereby contributing to the consolidation of peace in the region. The loan funds will be provided to agricultural enterprises, cooperatives and other such organizations through the LBP and its financial intermediaries.” JICA’s press statement said.

Through Harvest, JICA hopes that they will be able to create more job opportunities for the people in Mindanao’s conflict zones. “’Harvest’ presents opportunities to help ordinary Filipino farmers in Mindanao and related institutions grow the agriculture sector. Through the project’s financial inclusion of farmers’ cooperatives, micro, small and medium enterprises (MSMEs), and related organizations, more investments and jobs will be created in Mindanao’s conflict—affected areas,” Susumu Ito, JICA chief representative said.

In 2012, ARMM’s poverty incidence was at 55.8%, higher than the national average of 25.2% and 39.1% for the whole of Mindanao.

JICA has been assisting to 30 programs and projects under the Japan-Bangsamoro Initiatives for Reconstruction and Development or J-Bir since 2002.

 

Sources: Inquirer.net, JICA