State-run Development Bank of the Philippines (DBP) headed by bankero Emmanuel Herbosa has extended P209.3 million in financing support to rice farmers in Bohol to help them raise their output.
The bankero said the government-owned bank extended the credit assistance to the Bohol Bayanihan Multipurpose Cooperative (BBMPC) and the Bohol Community Multipurpose Cooperative (BCMPC).
The bulk or P200 million went to the BBMPC, while BCMPC received the remaining P9.3 million.
The BBMPC will use the proceeds of the loan to beef up its working capital for palay procurement, storing, drying, milling, packaging as well as purchase new equipment and transport for its members.
On the other hand, BCMPC is set to use the proceeds of the loan facility to build a warehouse, buy transport as well as increase its working capital of its members.
The financing extended to the BBMPC and BCMPC will allow the local government units in Bohol to redirect its resources to the Advanced Rice Technology (ART) program, a project of Bohol Governor Arthur Yap.
DBP continues to sustain its credit assistance for agricultural programs to lift the condition of farmers in the countryside and also bolster the food security of the Philippines.