LandBank releases P4.8B for food supply program

Loans released under the Food Supply Chain Program reached P4.8 billion as of end-September, Land Bank of the Philippine reported Tuesday. The loans are in line with the Department of Agriculture’s food sufficiency program. The bank is focused on supporting government’s thrust toward food security and higher agriculture productivity, said LandBank president and CEO Gilda E. Pico. The Food Supply Chain Program is the right platform to provide farmers and fisherfolk with financial and technical support, according to the bank. Small- to medium- scale entrepreneurs along the value-added chain of a commodity are part of the program as a whole, said Pico. More farmers and fisherfolk cooperatives and organizations are now part of the program, which is implemented by LandBank and its partners — the Departments of Finance and Agriculture, LandBank said. Producers linked to markets After 12 months, the program has financed 75 projects involving 75 anchor firms and 288 cooperatives, farmer organizations and peoples’ organizations. Production, technical and marketing agreements were signed between LandBank and the program participants. The projects include integrated corn production and hog fattening, oil palm production and processing, fruits and vegetable production and processing, rice and corn production and processing and trading, cardava banana production and processing, fish production and processing, onion production and cold storage and marketing; and sugarcane production and milling. Under the program, producers and processors are linked to markets and their capacities are supported to strengthen the farmers’ ability to meet the processors production needs. The major processors under the food supply chain program are Biotech Farms, Inc., Marcela Farms Inc., Sorosoro Development Cooperative, Limcoma Multi-Purpose Cooperative and Catmon Multi-Purpose Cooperation. — VS, GMA News