$627-M Rural Dev’t Program Proposed

The Department of Agriculture is proposing a six-year, $627-million Philippines Rural Development Program (PRDP) that will initially cover six regions (4A, 4B, 5, 6,7 and 8) in Luzon and Visayas, and those under the current Mindanao Rural Development Program Phase 2 (MRDP2), The PRDP will be bankrolled by a $500-million loan from the World Bank, which also funded the MRDP2, a $120-M counterpart from the Philippine government and beneficiary local government units, and a $7-M grant from the Global Environment Facility (GEF).

P.S.H.S. Builds Campus In Clark

Clark Development Corporation (CDC) and the Philippine Science High School (PSHS) have signed a Memorandum of Agreement (MOA) for the establishment of a PSHS Central Luzon campus here.

The agreement was signed by CDC Chair and Officer-in-Charge Eduardo Oban, Jr., CDC Executive Vice-President Philip Jose Panlilio, Department of Science and Technology (DOST) Secretary Mario Montejo, and PSHS System Executive Director Josette Biyo signed the MOA for the construction the school's new permanent site along a 30,000-square meter area in Lily Hill Avenue here. (BCM)

Borrowings In 2013 At P758B

The government plans to borrow P757.8 billion ($18.1 billion) in 2013, of which 25% will be sourced from overseas, Finance Secretary Cesar Purisima said. The government's goal in the medium term, however, is to further reduce its proportion of foreign borrowing to 20%.

Mr. Purisima said the goal to increase domestic funding is aligned with the government's strategy to lower foreign risks and lengthen debt maturities.

Toyota Motor Recalls 780,000 Autos

CHICAGO (AFP) - Toyota said Wednesday it will recall nearly 780,000 vehicles in the United States to fix a defect that could allow rust to form in the suspension to the point where parts break off. Wednesday's recall affects 760,000 Toyota RAV4 sport utility vehicles from model years 2006 to 2011 and 18,000 Lexus HS 250h vehicles from the 2010 model year.

Toyota said it has not yet devised a remedy, but will contact owners and offer repairs free of charge as soon as it has.

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