Secretary Francisco Tiu Laurel, Jr. emphasized the pivotal roles of government, private sector, and financial institutions in revitalizing the agriculture sector during a World Bank flagship event held in Washington DC. Speaking at the event titled “Agriculture and Food as an Engine of Sustainable Growth and Jobs,” moderated by BBC’s Rajini Vaidyanathan, Laurel highlighted the administration’s commitment to addressing the concerns of farmers and ensuring food security.
Tiu Laurel said that financial institutions, including the Land Bank of the Philippines and the Development Bank of the Philippines, are essential in meeting the substantial funding needs for agricultural modernization, particularly emphasizing that irrigation alone requires ₱1.2 trillion to adequately supply water to 1.2 million hectares of arable land.
The DA chief pointed out that enhancing agricultural productivity is central to the Marcos administration’s goals, encouraging the adoption of new technologies and practices to increase yields and income for farmers. He acknowledged the positive reception from farmers regarding proposed changes, provided there is adequate government support, such as subsidies and financing.
