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April 12, 2024

DBP extends P116-million loan to Nueva Ecija swine farm

The Development Bank of the Philippines (DBP) approved a P116-million loan for the expansion of iPigs Agricultural Farm in Laur, Nueva Ecija.

The loan, part of DBP’s Swine Repopulation, Rehabilitation, and Recovery (SWINE R3) Credit Program, will fund the construction of a bio-secured swine farm project in Nueva Ecija.

DBP president and CEO Michael O. de Jesus announced the release of the term loan. The funds will be used to build seven duplex-type, wean-to-finish piggery buildings on a 12.6-hectare property in Laur.

De Jesus said the project aims to promote a competitive and sustainable agriculture sector, thereby reducing poverty and ensuring food security in the country.

iPigs Agricultural Farm, established in 2021, operates under a swine contract growing agreement with Charoen Pokphand Foods Philippines Corporation (CPFPC), the local subsidiary of a Thailand-based conglomerate with investments and partnerships worldwide.

The loan represents one of the initial disbursements under DBP’s SWINE R3 facility, which aims to support the repopulation of the local swine industry through financing medium and large-scale swine projects.

De Jesus said that as of October 2023, the SWINE R3 facility approved a total of P2.6 billion in loans for 16 accounts. He also expressed DBP’s readiness to finance additional projects to ensure a steady supply of pork and pork products in the market.

DBP, the country’s eighth largest bank and second largest state-controlled financial institution, is mandated to provide credit support to four strategic sectors: infrastructure and logistics; micro, small, and medium enterprises; the environment; and social services and community development.

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