DBP,NVizcaya LGU ink MOA for forest protection

DIADI, Nueva Vizcaya (October 14) – The Development Bank of the Philippines(DBP) and the provincial government here recently signed an agreement which seeks to reforest portions of the province which is one of the watershed areas of Cagayan Valley.

The Memorandum of Agreement(MOA) involves the reforestation of the 400 hectare area in barangay Namamparan in this town which serves as a critical watershed for the Magat river, supporting the Magat River Integrated Irrigation System(MARIIS) covering the provinces of Isabela, Nueva Vizcaya and Ifugao.

The project has a P10 million funding where a revenue sharing of 30-70 percent will be undertaken from the income which will be generated from fruit bearing trees.

DBP’s share is 30 percent while the provincial government shall receive 70 percent from the income that can be derived from the project which will be turned – over to a people’s organization as its beneficiary. BME, PIANV

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