THE Mindanao Development Authority (MinDA) is proposing a P5 billion credit package to the Development Bank of the Philippines (DBP) to support the agribusiness) sector in Mindanao.
The loans will support the Agribusiness Investment Projects for Economic Recovery and Development (AGRED) initiative for poultry raising, hog breeding, cattle fattening, and corn production.
“The programs are aimed at addressing the current supply issues for poultry, pork, and beef by establishing breeder and cattle fattening farms in key production areas all over Mindanao,” MinDA Chairman Emmanuel F. Piñol said in a Facebook post Friday.
“The poultry and hog breeder and production farms, including the cattle fattening feedlots, will be located in corn production areas where MinDA is proposing the establishment of grain silos to ensure the steady supply of feed grains year-round,” he added.
According to Mr. Piñol, the initiative was presented by MinDA Investments and Promotions Office Director Helen G. De Castro to DBP President Emmanuel G. Herbosa during a meeting in Makati City on June 30.
Mr. Herbosa expressed his support for the program and said the bank is now awaiting project proposals from Mindanao’s private sector for loan approval.
Mr. Piñol noted a shortage of broiler chick farms in Mindanao, where the industry has to import chicks from Luzon, raising costs. Hog breeder farms are intended to address the effects of African Swine Fever (ASF) on the hog population.
“The lack of beef in the country is expected to be addressed by the establishment cattle feed lots using locally procured cattle or steers and cows from Australia and (elsewhere),” Mr. Piñol said.
He added that MinDA will help private sector investors draft their feasibility and financial studies to be presented to DBP.
“The programs are aimed at contributing to food security, provide jobs and employment opportunities and boost Mindanao’s economic recovery in two to three years,” Mr. Piñol said. – Revin Mikhael D. Ochave