The Development Bank of the Philippines (DBP) Friday, (June 18) unveiled a P12 billion credit facility to boost pork production.
The bank works 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, explained DBP President and Chief Executive Officer Emmanuel G. Herbosa.
The special credit facility for hog raisers, dubbed the DBP Swine Repopulation, Rehabilitation and Recovery Credit Program (Swine R3 Credit Program), will fund the construction of bio-secured swine farms and the purchase of farm equipment.
“DBP’s loan program supports 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 elaborated.
DBP’s Swine R3 Credit Program complements the DA's Integrated National Swine Production Initiatives for Recovery and Expansion (INSPIRE) Program.
Local government units and eligible private firms can borrow funds to establish swine breeder farms, swine wean-to-finish farms, and consolidated swine facility projects.
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 line-up of programs that will be developed and implemented to ramp up more efficient and sustainable local food production,” Herbosa pointed out.
“We believe that a strong agribusiness sector is one of the key elements in achieving a food-secure Philippines.”
While DBP has allotted P12-billion for commercial hog raising, the Agricultural Credit Policy Council earmarked an initial credit fund of P500-million to finance eligible swine farm projects of small business enterprises.