The Spanish Government is extending a P390 million grant to the Department of Agriculture and the Bureau of Fisheries and Aquatic Resources (BFAR) to help develop the agro-industrial sector of the Bicol and CARAGA region, as well as to assist management of coastal resources in the same area.
Spain, through the Agencia Española de Cooperacion International (AECI), is providing a grant of P390 million or six million euros to the Philippine government through the DA and BFAR.
AECI is providing P195 million or three million euros for the “Strengthening of the agro-industrial sector in the Bicol and CARAGA region.”
Another P195 million or three million euros is being allocated for “Sustainable management of coastal resources in Bicol and CARAGA regions.”
The Philippine government will provide a counterpart funding of P65 million or one million euros. The amount will be provided by concerned DA-regional field units, local government units, Fiber Industry Development Authority, Philippine Coconut Authority and the BFAR.
The two projects will be implemented in three years starting this year.
A memorandum of understanding was signed yesterday by Agriculture Secretary Arthur C. Yap, representing the DA and the BFAR. Spanish Ambassador to the Philippines Luis Arias Navarro and AECI coordinator general Jesus Molina signed in behalf of the Spanish Government.
The project will focus on value-adding for major commodities such as coconut, abaca, cassava and pineapple and strengthening of the capabilities of both project beneficiaries and implementers.
Construction of processing facilities and installation of the required machineries and equipment will be undertaken under the first component of the project.
The second project, aims to promote conservation and sustainable management of coastal fisheries resources as well as to alleviate the extensive poverty of fisherfolks in coastal areas.