Manila, March 28 -- The World Bank has approved USD1 billion in loan to boost agriculture productivity and climate resilience of agrifood systems across the Philippines.

The Washington-based lender announced on Saturday that its Board of Executive Directors formally green-lit the funding for the Philippines Sustainable Agricultural Transformation Project (PSAT), which aims to support sector-wide reforms in the country.

The initiative will help modernize agricultural practices, enhance food and nutrition security, and create jobs, benefiting at least five million Filipino farmers nationwide.

"This is a transformative investment in Philippine agriculture," Zafer Mustafaoglu, World Bank Division Director for the Philippines, Malaysia and...