LandBank releases P50B to boost agri productivity

Land Bank of the Philippines said Monday it is making available some P50 billion to boost the country’s agricultural productivity under the government’s Food Supply Chain program. “[But] that may be increased depending on the requirements of the market and the industry," LandBank president Gilda Pico told reporters. LandBank and the departments of Finance and Agriculture signed Monday a memorandum of understanding releasing the funds to the food sufficiency program. The Food Supply Chain will support the financial requirements of the agriculture subsectors, apart from increasing farmers’ income, by providing the necessary financial and technical support along the value-added chain of a commodity. It will likewise provide financial assistance to key players in the food system such as agricultural producers, service providers, consolidators, and processors. Under the program, initial projects include integrated corn production and hog fattening, integrated broiler production and processing, banana production and export, oil palm production and palm oil refining, and vegetable production. Corn production and hog-raising would need at least P550 million of investment for the year, Agriculture Department data showed. Integrated broiler production would require P242.5 million in financing support. Banana production and export would need investments amounting to P940 million. Oil palm refining would entail a hefty P1.5 billion, and some P20 million to sustain the momentum in vegetable production and export. Other projects in the pipeline under the program are fish production for local and export markets. —JE/VS, GMANews.TV