DBP unveils credit facility to boost pork production
BUTUAN CITY, Jun. 18 -- State-owned Development Bank of the Philippines (DBP) is working closely with the Department of Agriculture (DA) and stakeholders in the hog industry to increase pork production to meet consumer demand and stabilize the prices of the staple meat in the local market, a top official said.
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| Contributed photo |
DBP President and Chief Executive
Officer Emmanuel G. Herbosa said the bank is set to roll out a special credit
facility for hog raisers, dubbed the DBP Swine Repopulation, Rehabilitation and
Recovery Credit Program (Swine R3 Credit Program), to fund the construction of
bio-secured swine farms and the purchase of needed farm equipment.
“DBP’s loan program is the
manifestation of the bank’s firm support to the National Government’s efforts
to increase production, ensure continuous supply, and achieve steady pork
prices in the wake of the African Swine Fever outbreak,” Herbosa said.
DBP is the sixth largest bank in
the country in terms of assets and provides credit support to four strategic
sectors of the economy – infrastructure and logistics; micro, small and medium
enterprises; the environment; and social services and community development.
DBP’s Swine R3 Credit Program
complements the Department of Agriculture's Integrated National Swine
Production Initiatives for Recovery and Expansion (INSPIRE) Program aimed at
“calibrated repopulation and swine livelihood enterprise, establishment of
breeder multiplier farms, and intensive and modernized production.”
Herbosa said that under the program
local government units and eligible private firms may borrow funds to establish
swine breeder farms, swine wean-to-finish farms, and consolidated swine
facility projects.
He said the program offers a
maximum loanable amount of up to 100% of total project cost for local
government units and up to 70% for private entities, with payment terms of up
to 10 years, including a maximum grace period of two years.
“The DBP Swine R3 Credit Program is
the latest in a comprehensive line-up of programs that will be developed and
implemented to ramp up more efficient and sustainable local food production,”
Herbosa said. “We believe that a strong agribusiness sector is one of the key
elements in achieving a food-secure Philippines.”
DBP has allotted a total of
P12-billion for commercial hog raising, while the Agricultural Credit Policy
Council has earmarked an initial credit fund of P500-million to finance
eligible swine farm projects of small business enterprises. (DBP/PIA Caraga)
