Manila is looking at tapping a $500-million loan from Hungary to be used for rehabilitation of rivers and lakes, as well as for the construction of a tire factory in the country, the Department of Agriculture (DA) said on Wednesday.
DA Secretary Emmanuel Piñol, in a statement, said he has asked Finance Secretary Carlos Dominguez 3rd for
assistance on the transfer of the money to the country.
Piñol cited Hungary’s expertise in water-treatment technology.
Pending the transfer of the $500 million, he said, the Laguna de Bay would be the pilot area for the rehabilitation.
According to Pinol, the loan could be managed by the Land Bank of the Philippines and Laguna de Bay fisherfolk could operate water-treatment facilities planned under the rehabilitation.
Piñol has informed Hungarian Ambassador to the Philippines Jozsef Bencze that he is interested in utilizing the loan for a rubber tire factory.
Meanwhile, he announced that Malacañang has approved the visit of rice experts from Hungary to study rice farming in the country during the dry season.
The visitors will arrive in November.