DA allocates P1.1 B for agri-industrial business corridor
The Department of Agriculture (DA) is allocating P1.15 billion for the implementation of the Agribusiness Corridors-Inclusive Agribusiness Program (ABC-IAP).
Agriculture Secretary William Dar said the money would go to the first year implementation of the ABCIAP, which is aimed at further developing agri-industrial business corridors (ABCs).
The DA described ABCs as a tool for promoting sustainable agricultural development through value chains with agricultural clusters along existing infrastructure corridors and establishing transformative multi-sectoral public-private partnerships and providing catalytic financing to attract capital from domestic and international, public and private sources.
The ABCs will house agribusiness and multipurpose facilities that will be key to managing and integrating the food supply chain, as well as introducing innovative agricultural technology to farmers.
“The ABCs are projected to unleash the growth potential of the sector as DA amplifies inter-agency collaboration to promote and attract location-focused public and private investments interconnecting access to raw materials, market, technology, infrastructure and utilities, the DA said.