The Development Bank of the Philippines (DBP) signed a P7 Billion financing deal with Charoen Pokphand Foods Philippines Corporation (CP Foods), the subsidiary of Thailand's leading agro-industrial and food conglomerate.

The deal falls under the state-owned bank's Aquaculture Value Chain Financing Program (AVCFP), according to DBP President and Chief Executive Officer Michael O. de Jesus.

“This new tie-up strengthens our longstanding partnership with CP Foods and cements our continuing commitment to help ensure food security and productivity in the country,” de Jesus stated.

CP Foods is a subsidiary of the Thailand-based Charoen Pokphand Foods Public Company Limited (CPFPC) which operates vertically integrated agro-industrial and food businesses in 17 countries.

Specifically, DBP would provide CP Foods with credit assistance including working capital requirements, fixed assets acquisition, installation of other support facilities, pond development or improvement, and establishment of post-harvest facilities.

“This partnership is in support of the Department of Agriculture’s (DA) commitment to intensify the fishery sector by increasing the local shrimp production to 276,320 tons from 2023-2027,” de Jesus elaborated.

“We are confident that CP Foods’ decades-long aquaculture expertise will greatly contribute towards our collective goal of a more competitive and sustainable Philippine aquaculture,” he concluded.