World bank approves aid package for Philippines

Manila - The World Bank has approved a $508m aid package for projects to help fishermen and farmers in the Philippines, the government said on Sunday.

More than 70% of the funds would go towards infrastructure projects, such as roads connecting farms to markets, irrigation systems, fish landings and storage facilities, presidential spokesperson Herminio Coloma said.

The project would bolster the annual household incomes of farmers and fishermen by at least 5% per year within six years, he said.

The World Bank said the project would directly benefit close to 2 million farmers and fishermen and indirectly benefit an estimated 22 million people.