Mima Tech, an Israel-based private firm is bringing in funds to the Philippines in a collaborative project focused on rice production and marketing.

In a briefing, CEOs Isidor Gilan and James Amparo of Gilan Group and Yovel East Research and Development, respectively, said that they are ready to bring in massive amount of funds to invest heavily on various rice technologies.

These include the establishment of state-of-the-art rice mills; soil rejuvenation technologies; irrigation systems; fertilization and spraying techniques; and seed cultivation.

Financial aid is also part of the package, where Mima Tech will raise about 80-100 percent of the necessary resources. Loans will be available as well, payable in 8-10 years at a maximum of four percent interest rate.

Agriculture Secretary William Dar supported this venture, saying that it will “accelerate the Department’s target in operationalizing the provincial agriculture extension systems.”

He proposed that Mima Tech must start with the top 10 rice-producing provinces.

Dar further emphasized the agribusiness approach as the operating scheme to which these projects is to be built upon.

Now a strong partner of the Department of Agriculture, Land Bank of the Philippines will work closely with Mima Tech in terms of fund management.

According to Gilan, the successful implementation of this project will result in significant improvement in rice quality, lower production costs, and increase yield, thereby increasing the profits of rice farmers. ### (Daryl Lou A. Battad)