EU grants 10 million euro to Philippines

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4/3/2009 11:55 AM ET

(RTTNews) - A European Union delegation visiting the Philippines has announced an aid of 10 million euro ($13.4 million) to support agriculture and improve food security in the Southeast Asian country.

The EU has approved the grant as a part of a 1 billion euro fund formed in December to help 23 countries worst hit by economic recession and the rising costs of food.

The food and agriculture grant is one of the various projects in the Philippines, for which the European bloc has earmarked a total of 30 million euros.

A statement by the EU delegation said its money will be used to "assure the supply of rice seed and increase rice production" in the Philippines, where the prices of it's staple food rose by more than 40 per cent last year.

by RTT Staff Writer