The World Bank has reaffirmed its commitment to a landmark $1 billion loan program, the Philippine Sustainable Agricultural Transformation (PSAT), aimed at revolutionizing the country’s agri-fishery sector. World Bank Country Director Zafer Mustafaoglu and Agriculture Secretary Francisco P. Tiu Laurel Jr. recently met to solidify their collaboration on this five-year initiative, set to launch in August.
PSAT, the Philippines’ first project under the World Bank’s Program-for-Results (PforR) financing framework, will drive climate-responsive strategies, policy reforms, and enhanced fiscal management to bolster food security. This program will not only improve government spending efficiency but also build institutional capacity and strengthen governance for a lasting impact.
Complementing the loan, a $15 million grant from the United Kingdom, the Technical Assistance for Sustainable Agricultural Transformation (TASAT), will further support the Department of Agriculture in implementing PSAT. TASAT will focus on strengthening internal audits, evaluating resource use, assessing sectoral transformation, and expanding access to improved planting materials for high-value crops.
Secretary Tiu Laurel expressed gratitude for the World Bank’s unwavering support, emphasizing that “This multi year loan will provide critical resources to advance our food security agenda and promote sustainable agriculture—key drivers of development in the countryside that will uplift the lives of millions who depend on farming and fishery.” He also assured continued collaboration to ensure the successful and timely execution of PSAT.
