The Philippine food security program will get much-needed boost with the Asian Development Bank (ADB) seeking a slice from the $14-Billion fund being allocated to help address the food crisis in Asia and the Pacific in 2022 till 2025.
The ADB director-general expects to present to the multilateral development bank’s board funding support to the Philippines food security program under the Competitive Agriculture Reform program started 2 years ago by ADB. The Bank’s management was quoted saying “:it is building on the Rice Tarification Act looking at the agriculture productivity in different parts of the country as a measure of food security.”
The $14-Billion being lent by the ADB is to help address the worsening food crisis as well as strengthen the country’s adaptation and mitigating efforts to climate change as it impacts in Asia and the Pacific areas. The worst scenario being to see its population “going hungry and falling into deeper poverty.”
ADB president emphasized on “factors contributing to the worsening food security crisis include supply chain issues from the pandemic, and the Russian invasion of Ukraine that has pushed food prices to record highs.” The situation had some countries in Asia and the Pacific to rely on imports of staples and fertilizers.
Strongly suggesting for the Philippine government to study the mechanics on how to avail of the $14-Billion food security fund from the ADB. As regular route of natural calamities like typhoons, the Philippines has better chance of its food security program being favored by the ADB Board for approval.
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