Manila – Finance Secretary Ralph Recto has successfully obtained funding from the International Fund for Agricultural Development (IFAD) to support a new project aimed at reducing poverty in 86 agrarian reform communities across Soccsksargen and the Cordillera Administrative Region (CAR).
According to the Philippines News Agency, the financing agreement for the Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities (VISTA) project was ceremonially exchanged on Friday between Recto and IFAD’s country director, Umit Mansiz. The VISTA project is designed to alleviate rural poverty and enhance the economic resilience of vulnerable upland communities through sustainable natural resource management and value chain development.
The project, with a budget of approximately PHP 6.23 billion, will see IFAD contributing PHP 4.69 billion (about EUR 78.62 million or USD 85 million). It aims to improve ecosystems, develop sustainable agricultural value chains, and provide robust project management. The primary beneficiaries will be the 52 ARCs in CAR and 34 in Soccsksargen, impacting an estimated 350,000 people over the next six years.
Recto highlighted the project’s holistic approach, noting that it will create more jobs, increase incomes, and strengthen climate change resilience, contributing to more sustainable and prosperous communities. Enhanced agricultural practices, better post-harvest facilities, and improved farm-to-market roads are among the expected outcomes, alongside fostering entrepreneurship in coffee and cacao sectors.
The VISTA project also aligns with the Philippine Development Plan, emphasizing modernizing agriculture to address climate actions and enhance disaster resilience. During the event, various stakeholders, including DAR Secretary Conrado Estrella III and United Nations-Philippines Resident Coordinator Gustavo González, expressed their commitment to the project’s success and its potential to significantly impact the targeted regions.