NDC, IFC to identify projects for funding with ERAP bonds

The National Development Co. (NDC) will tie up with the International Finance Corp. (IFC) in determining viable projects that can be funded by the P50-billion Economic Recovery through Agricultural Productivity (ERAP) bonds, Trade and Industry Secretary Manuel Roxas II said yesterday.

"We will be working closely with IFC so that funds can be maximized and leveraged properly," Roxas said.

The IFC is the investment arm of the World Bank. The NDC was able to raise only P5 billion out of the authorized P60-billion ERAP bonds.

Government had originally earmarked the use of ERAP bonds for large agricultural projects. "This time government wants to refocus the program to fund small and medium enterprises engaged in agriculture," Roxas said.

Because of the lack of viable projects for funding by the ERAP bonds, the NDC had also sought the help of the government financial institutions such as the Development Bank of the Philippines and the LandBank of the Philippines in implementing the program. – Marianne Go