THE PHILIPPINES is hoping to attract $57.4 million worth of agrifood investments at a United Nation-organized forum in Rome, the Food and Agriculture Organization (FAO) said.
In a statement on Monday, the FAO said the projects to be offered to investors involve coffee, seaweed, mango, jackfruit, and cocoa.
The proposals will be presented during the FAO’s Hand-in-Hand Initiative Investment Forum in the Italian capital this week.
Investing in agriculture has been deemed high risk due to land ownership issues, lack of government support, and climate risks.
“The portfolio presented by the Philippines illustrates how partnerships between government, the private sector and international organizations can help de-risk investments and generate economic returns, while improving farmers’ livelihoods and strengthening the resilience of agrifood systems,” FAO Representative in the Philippines Lionel Dabbadie was quoted as saying.
According to the FAO, the coffee and seaweed projects will require investments worth $26.4 million and $24.8 million, respectively.
Additional proposals focus on processing and machinery, the FAO said. Some investments also promise potential environmental benefits, including reductions in greenhouse gas emissions.
The Philippine investment portfolio has an average projected internal rate of return of 24.6%.
“With FAO and our partners, we will continue to pursue innovative inclusive solutions that create greater opportunities for our farmers and fisherfolk and strengthen the resilience,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. was quoted as saying.
The FAO’s Hand-in-Hand initiative is a global platform that links data-driven agricultural priorities with financing and technical expertise.
“An important next step will be to move from identifying potential investors to developing financing arrangements, securing investment commitments and implementing projects that deliver measurable benefits,” the FAO said.
The Philippine proposals for the forum were developed by the FAO, the Department of Agriculture, and the Asian Development Bank. — Beatriz Marie D. Cruz