The Agribusiness Development project supports the Government of the Philippines in its efforts to improve the productivity and the competiveness of the agribusiness sector in order to improve the livelihood of farmers and others employed in the sector. Canada will contribute $10 million to the project over five years (2013-2017) through the International Finance Corporation (IFC).
The project will help improve the performance of smallholder farmers and other small and medium-sized enterprises, in partnership with large ‘lead firm’ agribusinesses, to create or improve supply chain models that can sustainably meet market and customer requirements. This work will include assistance to farmers to enhance their business management skills and financial literacy, and access better farming practices and markets for their products.
The project includes working with financial institutions to develop products and services that meet the financing needs of agribusiness and farmers through traditional lending mechanisms as well as the development and application of new financial products such as crop insurance. The project also aims to increase investment in the agribusiness sector by facilitating partnerships between the government and the private sector on agriculture-related infrastructure projects.
At the government level, the project will help government of the Philippines to address regulatory and competitive constraints in the agriculture supply chains around trade, transport and logistics. Targeted, demand-driven regulatory analysis is also included to help lower business costs and improve the agribusiness investment climate. The project also aims to improve the laws and regulations that govern the sector by soliciting input from the private sector on key reform areas affecting agribusiness, through facilitating dialogue between the public and private sectors.
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset management services to encourage private sector development in developing countries. IFC is a member of the World Bank Group.
Canada’s current longer-term development assistance program in thePhilippines supports initiatives focused on enhancing sustainable economic growth by improving the enabling environment for investment and building economic opportunities for the poor.
From the very beginning,Canadahas played a leading role in the global response to the impact of the typhoon that hit thePhilippineson November 8, 2013, by providing significant humanitarian assistance to meet the needs of the people affected by the typhoon.
