Philippine Rural Development Project Additional Financing

The objective of the Additional Financing for the Rural Development Project for Philippines is to increase rural incomes and enhance farm and fishery productivity in the targeted areas. The AF includes some restructuring, specifically: (i) the AF corrects the wording of the Project Development Objective to align it with the wording in the original loan agreement by dropping ‘by supporting smallholders and fisher folk to increase their marketable surpluses, and their access to markets’ from the original PDO wording in the Project Appraisal Document (PAD); (ii) the AF includes some revisions of the Results Framework (RF) indicators which aim to propose better measurable indicators to capture the substantial institutional reforms under the project, reflect the strong demand for farm-to-market roads vis-a-vis other rural infrastructures, and incorporate lessons from the existing project; and (iii) the AF will also include revisions to component cost, disbursement estimates and other adjustments. The AF does not trigger any new safeguard policies.