IFAD to open country office in RP
MANILA, Philippines - The International Fund for Agricultural Development (IFAD) will soon open a country office in Manila, according to Ambassador Philippe J. Lhuillier.
IFAD president Kanayo Nwanze made this announcement during Lhuillier’s courtesy call to his office in Rome. Lhuillier — who also serves as the Permanent Representative of the Philippines to that international financial institution — said IFAD’s portfolio in the Philippines is getting bigger. The ambassador was able to convince IFAD that it is becoming necessary for the agency to actively monitor the fund disbursements as well as the implementation of its projects in the country.
At present, IFAD has three projects in the Philippines:
1. The Rural Micro-Enterprise Promotion Programme Project Loan of $21.2 million on concessional terms and a grant of $500,000 in 2005;
2. The Second Cordillera Highland Resource Management Project concessional loan amounting to $27 million in 2008 and a grant of $561,000 and;
3. The Rapid Food Production Enhancement Programme loan amounting to $15.9 million intermediate loan with a grant of Euro 10 million in 2009.
Negotiations for these concessional loans were facilitated by Lhuillier.
So far, IFAD has completed nine projects in the Philippines. These are:
1. Northern Mindanao Community Initiatives and Resource Management Project valued at $14.8 million in 2001;
2. Western Mindanao Community Initiatives Project valued at $14.8 million in 1998;
3. Rural Micro enterprise Finance Project valued at $ 14.7 million in 1996;
4. Cordillera Highland Resource Management Project valued at $9.2 million in 1995;
5. Visayas Communal Agricultural Development Project valued at $4.6 million in 1986;
6. Highland Agricultural Development Project valued at $4.6 million in 1986;
7. Communal Irrigation Project valued at $12 million in 1986;
8. Smallholder Holder Livestock Development Project valued at $8 million in 1981; and,
9. Magat River Multipurpose Project Stage II (Irrigation) valued at $10 million in 1978.
IFAD had extended total concessional loans to the Philippines amounting to $168.8 million benefitting 1.46 million households.
An IFAD concessional loan is repayable after 40 years with a 10-year grace period. It does not carry an interest rate but is charged a service fee of 0.75 percent per year on the drawdown amount.
Under its Strategic Objectives for 2010-2014 or the Philippines Country Strategic Opportunities Program (COSOP), IFAD aims to continue its support to the Philippine government’s medium-term rural poverty reduction goals, which are closely aligned to the United Nations Millennium Development Goals.
IFAD is a specialized UN agency established as an international financial institution in 1977 as one of the major outcomes of the 1974 World Food Conference to finance agricultural development projects primarily for food production in the developing countries. IFAD’s mission is to enable poor rural people to overcome poverty.
At present there are 12 UN agencies with country offices in the Philippines. These include the Food and Agriculture Organization, World Health Organization, International Labor Organization, UN Development Program, UN Educational Scientific and Cultural Organization and the UN Informational Center.
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