tate-run Land Bank of the Philippines (LANDBANK) has joined hands with agro-industrial company Charoen Pokphand Foods Philippines (CPFP) Corporation to support hog, poultry, and aqua raisers expand their business operations.
LANDBANK will provide financing support to CPFP’s clustered farmer-fisher groups; cooperatives; micro, small, and medium enterprises (MSMEs); and other agri-enterprises for the acquisition and construction of bio-secured buildings and other production facilities to boost their production.
The partnership was formalized through a Memorandum of Agreement (MOA) signed by LANDBANK President and CEO Cecilia C. Borromeo and CPFP Vice Chairman Sakol Cheewakoset, and witnessed by Agriculture Secretary William D. Dar, on 18 February 2022 at the CPFP Aqua Feeds Plant in Samal, Bataan.
“We welcome this partnership to advance the competitiveness of swine, poultry, and aqua industry players nationwide. LANDBANK will continue to provide appropriate financing support to meet the growing domestic demand of the agriculture sector towards food security and job generation,” said President Borromeo.
The Bank will also extend credit assistance for capital expenditures and working capital to CPFP-endorsed borrowers interested to franchise meat shops and roasted and fried chicken stations.
The collaboration is also in line with LANDBANK’s continuing contribution to building a stronger and more resilient hog industry, which has been constrained by the African Swine Fever (ASF) outbreak.
As of 31 December 2021, LANDBANK has approved P2.36 billion in loans for the benefit of 11 MSMEs and eight large corporations under the SWINE (Special Window and Interim Support to Nurture Hog Enterprises) Lending Program.
Launched in partnership with the Department of Agriculture, the SWINE Lending Program aims to assist hog raisers in sustaining and increasing their pork production amid threats from ASF outbreak. The program has also been recently expanded to include clustered backyard hog raisers as well as those on semi-commercial operation as eligible borrowers.
LANDBANK has also approved a total of P19.5 billion in loans for 296 borrowers engaged in various hog-related projects under the Bank’s regular lending window.
SOURCE: https://www.landbank.com
