Manila helps sugar industry

Manila helps sugar industry

BACOLOD CITY, Philippines (DPA): The Philippine government will spend some 40 billion pesos (US$909 million) for a five-year program to rehabilitate its ailing sugar industry.

"We have launched a modernization plan for the sugar industry. This is intended to ensure that in a few years' time, the sugar industry will be able to provide the sugar requirements of our country and there will be no need for us to import," said President Joseph Estrada.

Agriculture Secretary William Dar explained that the five-year program will entail an average of 8 billion pesos ($182 million) a year to be funded by the national government and government financial institutions.

The money will finance the purchase of tractors, mill and refinery equipment, and transport systems. The national government will fund research and development, technical assistance services, irrigation systems, and farm-to-market roads, Dar said.