BPI targets farm loans
DAVAO CITY -- Ayala-led Bank of the Philippine Islands (BPI) is
strengthening its agribusiness loan operation in Mindanao, an official
said, noting that the island has the elements necessary for high growth.
lfonso L. Salcedo, Jr., BPI executive-vice president, said Mindanao --
which accounts for about a third of the bank's agribusiness loans --
would play a key role in a plan to raise exposure to the subsector to
₱38 billion over the next four years.
Perlina I. Padilla, head of the bank's Agribusiness Solutions group,
said BPI was growing its agribusiness portfolio between 16%-20%
annually. Of the bank's total loan portfolio, about 15% is in
agribusiness, Ms. Padilla said.
Mr. Salcedo, who was speaking at the launch of the Agribusiness
Solutions facility, said: "What we hope is that we will be able to
provide credit access to even the small and medium-size agribusinesses...."
He said BPI wanted to cash in on the country's good business climate.
The agribusiness sector, he added, is ripe for growth.
"Agriculture is something that is staring at us," Mr. Salcedo said,
adding that the bank wanted to help the government achieve inclusive
growth and food security.
The bank has tapped Genus Pig Improvement Co., which specializes in
biotechnology products, for the venture.
Andrew J. Bateson, Genus' business development director for Asia, said
his company was looking to help local hog raisers maximize their incomes.
BPI, said Mr. Salcedo, is not limiting its agribusiness drive to the hog
and poultry business.
The bank also launched its Sustainable Energy Finance aimed at reducing
agribusiness dependence on fossil fuels. -- Carmelito Q. Francisco
- See more at:
http://www.bworldonline.com/content.php?section=Finance&title=BPI-targets-farm-loans&id=70779#sthash.eyhn1zFX.dpuf
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