DBP unveils credit facility to boost pork production
State-owned Development Bank of the Philippines (DBP) is working closely with the Department of Agriculture (DA) and stakeholders in the hog industry to increase pork production to meet consumer demand and stabilize the prices of the staple meat in the local market, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank is set to roll out a special credit facility for hog raisers, dubbed the DBP Swine Repopulation, Rehabilitation and Recovery Credit Program (Swine R3 Credit Program), to fund the construction of bio-secured swine farms and the purchase of needed farm equipment.
“DBP’s loan program is the manifestation of the bank’s firm support to the national government’s efforts to increase production, ensure continuous supply, and achieve steady pork prices in the wake of the African Swine Fever outbreak,” Herbosa said.
DBP is the sixth 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.
DBP’s Swine R3 Credit Program complements the DA’s Integrated National Swine Production Initiatives for Recovery and Expansion (INSPIRE) Program aimed at “calibrated repopulation and swine livelihood enterprise, establishment of breeder multiplier farms, and intensive and modernized production.”
Herbosa said that under the program local government units and eligible private firms may borrow funds to establish swine breeder farms, swine wean-to-finish farms, and consolidated swine facility projects.
He said the program offers a maximum loanable amount of up to 100% of total project cost for local government units and up to 70% for private entities, with payment terms of up to 10 years, including a maximum grace period of two years.
“The DBP Swine R3 Credit Program is the latest in a comprehensive lineup of programs that will be developed and implemented to ramp up more efficient and sustainable local food production,” Herbosa said. “We believe that a strong agribusiness sector is one of the key elements in achieving a food-secure Philippines.”
DBP has allotted a total of P12-billion for commercial hog raising, while the Agricultural Credit Policy Council has earmarked an initial credit fund of P500million to finance eligible swine farm projects of small business enterprises.