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May 27, 2024

LandBank grants P224 million loan to T’Boli cooperative for pineapple production expansion

The Land Bank of the Philippines (LandBank) has extended a loan of P224 million to the T’Boli Farm Growers Multi-Purpose Co-operative to fund the expansion of its production of pineapples and pineapple fibers.

According to the state lender, the bulk of the loan amounting to P180 million is intended to augment the cooperative’s working capital requirements, while P34 million will be allocated for the purchase of farm tractors, service vehicles, trucks, backhoe loaders, and post-harvest facilities for hauling and land preparation.

Additionally, the remaining P10 million will be used to increase the volume of pineapple fibers exported by the co-op to the United Kingdom.