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The Philippine Ministry of Agriculture has applied for a 350 million euro loan from the Asian Development Bank to build photovoltaic irrigation projects

2024-07-10

According to a report on June 25th, the Philippine Ministry of Agriculture is seeking a loan of 350 million euros (approximately 22 billion pesos) from the Asian Development Bank (ADB) to support the construction of photovoltaic irrigation systems (SPIS) in major grain producing areas. The spokesperson of the Philippine Ministry of Agriculture, De Mesa, stated that the loan agreement has been approved by the Technical Council of the Philippine Investment Coordination Committee (ICC) and will be submitted to the ICC Cabinet Committee for evaluation. Ultimately, it will be reviewed by the Board of Directors of the National Economic Development Agency, led by President Marcos. The Philippine Ministry of Agriculture hopes that the loan can be approved within this year and implemented in three years from 2025 to 2027. In addition, the Philippine Ministry of Agriculture will also apply an additional 22 billion pesos to the Budget Management Department for the construction of this year's SPIS and photovoltaic cold storage projects. It is reported that at least 1.2 million hectares of land in the Philippines lack irrigation systems, with a total investment of 1.2 trillion pesos and an average construction cost of 1 million pesos per hectare.

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