June 3, 2024

 

Development Bank of the Philippines boosts efforts to support local swine industry

The state-owned Development Bank of the Philippines (DBP) is intensifying its support for the Marcos Administration's strategic initiatives to ensure food security through a lending facility aimed at revitalising the local swine industry, according to a top official, Philippine Daily Inquirer reported.

 

DBP President and CEO Michael O de Jesus stated that the Bank's Swine Repopulation, Rehabilitation, and Recovery (Swine R3) Credit Programme, in partnership with the Philippines' Department of Agriculture (DA), assists in establishing bio-secured swine farms nationwide.

 

H said the programme It provides financial assistance to local swine raisers with the objective of strengthening the entire pork production chain.

 

DBP, the eighth largest bank in the country in terms of assets, provides credit support to four priority economic sectors: infrastructure and logistics; micro, small, and medium enterprises; the environment; and social services and community development.

 

De Jesus noted that SWINE R3 also complements the DA's Integrated National Swine Production Initiatives for Recovery and Expansion (INSPIRE) programme, which seeks to provide a calibrated approach to swine repopulation and swine livelihood enterprises, leading to intensive and modernised pork production.

 

Through the SWINE R3 Programme, DBP grants credit assistance to small businesses and local government units for setting up bio-secured wean-to-finish facilities or engaging in contract growing agreements with a partner integrator, such as Charoen Pokphand Food Philippines Corporation, the local subsidiary of the Thai food conglomerate.

 

De Jesus reported that as of January 2024, DBP has approved PHP 2.72 billion (US$46 million) in credit support under this facility. He expects that number to increase to PHP 5.57 billion (US$95 million) by year-end, and more importantly, to significantly boost domestic pork production.

 

DBP's assistance to the swine industry has already increased annual swine production in the country by an estimated 59,501 heads, translating to an additional 5.95 million kg of available pork and pork products. Existing projects, including a 2,400-sow farm in South Cotabato and a 6,000-sow farm under construction in Negros Occidental, are expected to contribute 686,400 heads or 75.504 million kg annually.

 

Additionally, de Jesus mentioned that the Bank is allocating PHP 700 million for the establishment of a 3,000 sow-breeder farm and wean-to-finish farm in Palawan. This project is expected to produce 84,000 piglets annually from the breeder farm and 72,000 heads from the wean-to-finish facility.

 

-      Philippine Daily Inquirer