Japan signs Exchange of Notes for Grant Aid of Agricultural Machinery for Sugarcane Farmers

 

  On June 8, 2020, in austere rites held at the Department of Foreign Affairs, Ambassador HANEDA Koji and Foreign Affairs Secretary Teodoro L. Locsin, Jr. signed and exchanged notes for Japanese grant aid to support the Philippines’ economic and social development.
 
  The grant, which amounts to JPY 800-million yen** (approximately 377 million pesos) is geared to support sugarcane farmers. This includes the provision of agricultural machinery such as tractors, harrows, whole-stalk sugarcane planters, mulchers, among others.
 
  The sugarcane industry is one of the cornerstones of the Philippine economy. This initiative will strengthen the sugar sector through reduced production costs and increased productivity. More than 84,000 Filipino sugarcane farmers, whose meager sources of income are aggravated by the COVID-19 pandemic, stand to benefit from this grant aid.
 
** From BSP: PHP-JPY Exchange Rate = 0.4718 (2020 May average)