Finance Secretary Teves and Ambassador Kenny signed the PL 480 Title 1 Program-Loan Agreement. Witnesses were (L-R) UPLB Chancellor Luis Rey Velasco, Agriculture Secretary Domingo F. Panganiban, and U.S. Acting Agricultural Counselor Dennis B. Voboril. Finance Secretary Margarito B. Teves and U.S. Ambassador Kristie A. Kenny signed today, July 14, 2006, the 'PL 480 agreement for 2006' at the Institute of Plant Breeding, University of the Philippines Los Baños (UPLB).

According to Secretary Teves, proceeds from the loan agreement shall be used for Philippine agricultural development in four priority areas: 1) reinforced post-harvest handling and infrastructure development; (2) biotechnology research and commercialization; (3) livestock development; and (4) human resource development. "Programs and projects along these priority areas are aimed towards improving food security, alleviating poverty and promoting broad-based, equitable and sustainable agriculture," the finance secretary said. The Department of Agriculture and the National Food Authority will jointly implement the program.


U.S. Ambassador Kenny noted the historical ties between Philippines and US in promoting agricultural development. Doubly significant was the location of the signing of the Agreement, for it was the first time that it was signed under the auspices of the country's premier agricultural university. The signing took place at a biosafety facility for an ongoing transgenic papaya research that receives financial support from the U.S. Department of Agriculture PL 480 Program, the Department of Science and Technology-Philippine Council for Agriculture, Forestry and Natural Resources Research and Development (DOST-PCARRD), the UPLB, the Monsanto Fund, the U.S. Agency for International Development, the Agricultural Biotechnology Support Program II, and the International Service for the Acquisition of Agribiotech Applications (ISAAA).

For 2006, the agreement provides US $20M to import approximately 69,000 metric tons of rice from the United States which will arrive in early 2007. The Public Law 480 of the United States, 'PL 480', is also known as the Agricultural Trade Development and Assistance Act which was enacted in 1954. This law provided for the 'United States Government financing of sales of U.S. agricultural commodities to developing countries on concessional credit terms' according to finance department. The Philippines is a recipient of U.S. PL 480 Title 1 Program since 1991.

Also present during the signing ceremony were Agriculture Secretary Domingo F. Panganiban, National Food Authority Administrator Gregorio Y. Tan Jr., UPLB Chancellor Luis Rey Velasco, NAFC Executive Director Bernie Fondevilla, U.S. Acting Agricultural Counselor Dennis B. Voboril, officials of UPLB and the Los Baños Science Community, and U.S. Foreign Agriculture Service.

Larger print quality photos taken during this event can be viewed by clicking on corresponding photos found at the bottom or by clicking on the following following links:

http://www.bic.searca.org/press_releases/2006/jul_14_a.html
http://www.bic.searca.org/press_releases/2006/jul_14_b.html