The Development Bank of the Philippines is working with the Department of Agriculture and stakeholders in the hog industry to increase pork production to meet consumer demand and stabilize the prices of the staple meat in the local market, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank is set to roll out a special credit facility for hog raisers, dubbed the DBP Swine Repopulation, Rehabilitation and Recovery Credit Program (Swine R3 Credit Program), to fund the construction of bio-secured swine farms and the purchase of needed farm equipment.
The Swine R3 Credit Program complements the DA’s Integrated National Swine Production Initiatives for Recovery and Expansion Program aimed at calibrated repopulation and swine livelihood enterprise, establishment of breeder multiplier farms, and intensive and modernized production.
Herbosa said that under the program, local government units and eligible private firms may borrow funds to establish swine breeder farms, swine wean-to-finish farms, and consolidated swine facility projects.
He said the program offers a maximum loanable amount of up to 100 percent of total project cost for local government units and up to 70 percent for private entities, with payment terms of up to 10 years, including a maximum grace period of two years.
Herbosa said the Swine R3 Credit Program is the latest in a comprehensive line-up of programs that will be developed and implemented to ramp up more efficient and sustainable local food production.
DBP has allotted
P12 billion for commercial hog raising, while the Agricultural Credit Policy Council has earmarked an initial credit fund of P500 million to finance eligible swine farm projects of small business enterprises. – Press release