DBP to lend P5 billion for agribusiness
STATE-OWNED Development Bank of the Philippines (DBP) has launched a
program that seeks to further promote agribusinesses in the countryside
by providing lending assistance to the agriculture, forestry and fishery
sectors.
DBP President and Chief Executive Officer Francisco del Rosario Jr. said
that the Agribusiness Development Program (ADP) is expected to boost
funding support to agri-agra projects in compliance with the Agri-Agra
Reform Credit Act of 2009.
"We will allocate an initial amount of P5 billion to provide agri-based
entrepreneurs access to loans in the transformation of farmlands and
idle lands including DAR's distributed agri-lands into agribusiness
enterprises," del Rosario said.
DAR is the Department of Agrarian Reform. He added that the program also
seeks to develop high value commercial crops and promote organic
agriculture. The ADP is in support of the National Convergence
Initiative Program of the departments of Agriculture, Agrarian Reform,
and Environment and Natural Resources.
The ADP has pipeline projects amounting to P2.6 billion. Eligible for
funding are all agribusiness projects including but not limited to
priority crops under the DBP High Value Commercial Crops and Organic
Agriculture Programs, from production, post-harvest, agri-processing to
market or the whole value chain.
Also eligible for financing are poultry and livestock, investments in
bio-fuel feedstock projects, and production of organic products or the
whole value chain.
The facility is available under wholesale lending and retail lending.
Eligible borrowers under wholesale lending are banks, microfinance
institutions, non-government organizations, cooperatives, financing
companies registered with the Securities and Exchange Commission,
farmers and fisherfolk associations, and other types of associations
duly registered with corresponding government agencies.
All types of business entities engaged in agribusiness projects and
registered with corresponding agencies are eligible for financing under
retail lending.
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