DBP bankrolls modern farm project in Laur, Nueva Ecija
STATE-OWNED Development Bank of the Philippines (DBP) has extended a P116-million term loan for the construction of a swine biosecured farm project in Nueva Ecija in support of the national government’s thrust of modernizing the agriculture sector, a top official said.
DBP President and CEO Michael de Jesus said the loan granted under its Swine Repopulation, Rehabilitation and Recovery (Swine R3) Credit Program will jumpstart the expansion of iPigs Agricultural Farm in Laur, Nueva Ecija.
“DBP is excited to fund this initiative aligned with the vision of President Marcos Jr. of promoting a competitive and sustainable agriculture sector as a means to achieve poverty reduction and inclusive growth, as well as in ensuring sufficient food supply in the country,” he said.
DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy — infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
iPigs Agricultural Farm, which began operations in 2021, has an existing swine contract growing agreement with Charoen Pokphand Foods Philippines Corp. (CPFPC), the local subsidiary of the Thailand-based conglomerate with investments and partnerships in 17 countries worldwide.
De Jesus said DBP will be
financing the construction of seven duplex-type, wean-tofinish piggery buildings of iPigs Agricultural Farm located in a 12.6-hectare property in Laur.
He said the loan was one of the first granted under the Swine R3 facility, a lending program aimed to boost government efforts to repopulate the local swine industry through the financing of medium and large-scale swine projects.