World Bank funds P310M road project to boost agriculture in Nueva Vizcaya
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
The Department of Agriculture began construction on the P310.9-million Pangawan-Banao farm-to-market road in Nueva Vizcaya. This 10.86 kilometer project is funded by the World Bank-backed Philippine Rural Development Project Scale-Up. The World Bank provided a P248.7-million loan, supplemented by P31.1 million from the National Government and P31.1 million from the local government. The road is intended to serve 4,191 hectares of farmland planted with high-value vegetables and coffee.
From bworldonline.com
Why it matters
The project aims to improve market access for farmers in highland towns. Agriculture Secretary Francisco P. Tiu Laurel, Jr. stated that the road will reduce production and transport costs and lower consumer food prices. It is forecast to reduce agricultural hauling costs by 25% and lower transport expenses by 17%.
From bworldonline.com
Who's involved
- World BankProvided a P248.7-million loan through the World Bank-backed project.
- agricultureThe agricultural sector that benefits from improved market access and reduced costs.
- Nueva VizcayaThe province of Nueva Vizcaya where the farm-to-market road is being constructed.
- Jose GambitoThe governor of Nueva Vizcaya, overseeing provincial government efforts.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- agricultureSpeculative
Agricultural producers in the area might see reduced production and transport costs due to improved market access.
- PhilippinesSpeculative
The infrastructure investment could boost national economic activity and rural development goals.
- Nueva VizcayaSpeculative
The province might see bolstered local economies and development goals from the targeted infrastructure funding.
- Northern LuzonSpeculative
The regional agricultural supply chain in Northern Luzon might benefit from improved market access.
- OceanaGoldSpeculative
The company might see lower operational transport expenses and supply chain costs.
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The entities involved
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agriculture
cultivation of plants and animals to provide useful products
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Nueva Vizcaya
province of the Philippines
Nothing else this week.
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World Bank
international financial institution
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