$207.88-M South Korean loan to improve Iloilo agriculture
A $207.88 million loan agreement between the governments of the Philippines and South Korea aims to improve the country's agricultural productivity through the establishment of more agricultural infrastructures in the province of Iloilo.
The agreement, which was signed by Finance Secretary Cesar Purisima for the Philippines and Export-Import Bank of Korea Executive director San-Wan Byun for Korea, was for the implementation of the Jalaur River Multi-Purpose Project-Stage II (JRMP) in Iloilo.
The project aims to construct a reservoir dam that will provide an uninterrupted irrigation water supply to 32,000 hectares of farm land. It will benefit more than 783,000 farmers in the province.
The Department of Agriculture-National Irrigation Administration will lead the implementation of the JRMP II which is expected to help increase the irrigated lands in the Visayas region by around 10 percent and the annual regional rice production by around five percent.
The Jalaur River Multi-Purpose Project was first mandated under Republic Act No. 2651 that was enacted by Congress in 1960 with the project’s first phase, which consisted of rehabilitating the irrigation systems with an area of 22,340 hectares, being completed in 1983.
Phase 2 was supposed to begin in 1988. But lack of funding delayed the program. — DVM, GMA News