January 30, 2014

Through the Masustansyang Inumin para sa Likas na Kalusugan (MILK) credit assistance programme, a partnership between the Land Bank of the Philippines and the National Dairy Authority (NDA), the country's local dairy industry is set to receive a much-needed boost worth PHP30 million (US$662,000).

The programme will make available financial and technical assistance for the production, processing and marketing activities of dairy cooperatives, farmers and other local industry stakeholders to help improve their productivity and increase their income. It likewise aims to help increase domestic milk production in the country.

Under the agreement, the NDA has committed PHP30 million (US$662,000) in credit support and technical assistance.

"This programme forms part of Landbank's efforts to contribute to the NDA's goal to further develop the local dairy industry. We also hope to more actively promote dairy entrepreneurship especially among rural folk, as we hope to maximise the industry's huge potential and optimise opportunities for sustainable growth," said Landbank president and chief executive officer Gilda E. Pico.

Under the programme, eligible borrowers include cooperatives/associations, federations, countryside financial institution, small and medium enterprises and agri-business entities.

The loan amount may be used as permanent working capital or fixed assets and livestock acquisition.