June 21, 2021
Philippines' agriculture department works with state-owned bank to increase pork production
The Development Bank of the Philippines (DBP) is working closely with the Philippines' Department of Agriculture (DA) and stakeholders in the hog industry to increase pork production to meet consumer demand and stabilise the prices of the meat in the local market, an official said.
DBP president and chief executive officer Emmanuel G. Herbosa said the bank is set to roll out a special credit facility — dubbed the DBP Swine Repopulation, Rehabilitation and Recovery Credit Program (Swine R3 Credit Program) — for hog raisers to fund the construction of bio-secured swine farms and the purchase of farm equipment.
DBP's Swine R3 Credit Program complements the Department of Agriculture's Integrated National Swine Production Initiatives for Recovery and Expansion (INSPIRE) Program which is aimed at "calibrated repopulation and swine livelihood enterprise, establishment of breeder multiplier farms and intensive and modernised production."
Herbosa said that under the programme, 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 programme 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.
DBP has allotted a total of ₱12-billion (US$246.4 million) for commercial hog raising, while the Agricultural Credit Policy Council has earmarked an initial credit fund of ₱500-million (US$10.3 million) to finance eligible swine farm projects of small business enterprises.