DA eyes to borrow P4-B loan for fisheries

The Department of Agriculture (DA) is eyeing up to P4 billion in loans from state-run LandBank of the Philippines, mainly to boost the fisheries sector.

“My rough estimate is a loan portfolio of between P3 billion to P4 billion,” Agriculture Secretary Emmanuel Piñol told The STAR.

“It’s my estimate of how much financing the industry needs to fill in the gap by the closure of Laguna Lake fishpens. An estimate of how much the fisheries sector would need to boost its productivity,” Piñol said.

During his meeting with LandBank, where an Agriculture chief occupies a board seat, Piñol sought for financial support for the aquaculture and mariculture industry.

“Unless government financing institutions come up with a sizable funding for the inland fisheries, fishponds and fish cages industries, there will be an acute shortage of fish supply in the country,” he said.

Piñol is seeking financial support from LandBank to help finance the acquisition of medium-sized fishing boats and increase catch in municipal waters.

The DA is also considering putting up cold storage and ice- making facilities in the various fishing ports nationwide.

The loan will be used for the establishment of Norwegian fish cages and mariculture facilities and loan packages for private fishpond operators who are holding lease agreements for fishpond areas in the different parts of the country.

“If these measures are implemented by the LandBank, the country could yet assert itself as one of the top marine and aqua products players in the whole world,” Piñol said.