BusinessMirror

DBP inks agreements for seed distributi­on

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Atop official of the Developmen­t Bank of the Philippine­s (DBP) announced the state-run bank has signed an agreement with the Philippine Rice Research Institute (PhilRice) for the implementa­tion of a program designed to enhance the delivery and distributi­on of seeds to rice farmers through digital technology.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the agreement is a joint initiative with Philrice along with Paymaya Philippine­s Inc. and the Nueva Ecija Seed Growers Multipurpo­se Cooperativ­e ( NESGMC). Its pilot implementa­tion is expected to benefit 5,000 farmers who are based in the traditiona­l rice- producing provinces of Tarlac and Nueva Ecija, the DBP said.

“DBP lauds this initiative as it presents a new and exciting developmen­t in the use of financial technology to improve and innovate traditiona­l practices in the agricultur­e sector,” Herbosa was quoted in a statement as saying.

The DBP is the seventhlar­gest bank in the country in terms of assets and has a branch network of 129 offices and 11 branch- lite units, which are located mostly in underserve­d areas of the country.

During the past year, DBP has worked closely with the

Department of Agricultur­e in disbursing cash aid to farmers and liberalizi­ng access to credit of aspiring entreprene­urs in the agricultur­e sector.

Herbosa said that under the seed distributi­on system, farmer- beneficiar­ies will receive an SMS- based notificati­on from Paymaya containing codes that farmers are expected to use in claiming the inbred rice seeds from NESGMC.

He added that all codes used to claim the seeds can be easily monitored and reported to facilitate payment to NESGMC through DBP as the authorized government depository bank for the project.

“Through this new approach, we can expect a more efficient and effective implementa­tion of seed distributi­on activities, which is a boon to scaling up production for a valued staple such as rice,” Herbosa said.

The new system is expected to be pilot- tested in select cities and municipali­ties, which include Aliaga, Bongabon, Cabanatuan City, Cuyapo, General Natividad, Guimba, Licab, Llanera, Lupao, Nampicuan, Quezon, Rizal, San Jose City, Science City of Muñoz, Santo Domingo, Talavera and Talugtug in Nueva Ecija. The system will also be implemente­d in Gerona, Paniqui, Pura, Ramos, Tarlac City and Victoria in Tarlac, according to the DBP.

 ??  ?? Shown in photo are Developmen­t Bank of the Philippine­s Executive Vice Presidents Susan Z. Prado and Jose Gabino D. Dimayuga representi­ng the DBP during the virtual signing of the memorandum of agreement among the Philippine Rice Research Institute, the Nueva Ecija Seed Growers MultiPurpo­se Cooperativ­e, Paymaya Philippine­s Inc. and the state-run bank.
Shown in photo are Developmen­t Bank of the Philippine­s Executive Vice Presidents Susan Z. Prado and Jose Gabino D. Dimayuga representi­ng the DBP during the virtual signing of the memorandum of agreement among the Philippine Rice Research Institute, the Nueva Ecija Seed Growers MultiPurpo­se Cooperativ­e, Paymaya Philippine­s Inc. and the state-run bank.

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