State-run Land Bank of the Philippines led by Bankero Cecilia Borromeo has partnered with Charoen Pokphand Foods Philippines Corporation to help hog, poultry, and aqua raisers expand their operations.
Borromeo formalized the partnership through a memorandum of agreement (MOA) with CPFP Vice Chairman Sakol Cheewakoset. Agriculture Secretary William Dar witnessed the signing of the agreement at the CPFP Aqua Feeds Plant in Samal, Bataan.
Under the agreement, Landbank will provide financing support to CPFP’s clustered farmer-fisher groups; cooperatives; micro, small, and medium enterprises (MSMEs); and other agri-enterprises for the acquisition and construction of bio-secured buildings and other production facilities to boost their production.
“We welcome this partnership to advance the competitiveness of swine, poultry, and aqua industry players nationwide. LANDBANK will continue to provide appropriate financing support to meet the growing domestic demand of the agriculture sector towards food security and job generation,” Borromeo said.
The government owned bank will also extend credit assistance for capital expenditures and working capital to CPFP-endorsed borrowers interested to franchise meat shops and roasted and fried chicken stations.
The collaboration is also in line with LANDBANK’s continuing contribution to building a stronger and more resilient hog industry, which has been constrained by the African swine fever outbreak.
LANDBANK has approved P2.36 billion in loans for the benefit of 11 micro, small and medium enterprises (MSMEs) and eight large corporations under the SWINE (Special Window and Interim Support to Nurture Hog Enterprises) Lending Program.
It has also approved a total of P19.5 billion in loans for 296 borrowers engaged in various hog-related projects under the Bank’s regular lending window.