Rehab of banana plantations set
More News from Philippine Daily Inquirer
MANILA, Philippines—Japanese firm Sumifru Banana Corp., Land Bank of the Philippines and banana growers in areas hard-hit by Typhoon “Pablo” are set to sign a tripartite agreement to rehabilitate affected banana plantations in Davao Oriental and Compostela Valley.
“They will sign the agreement and assess the farmers’ needs by next week,” Agriculture Secretary Proceso Alcala said in an interview on Friday.
Alcala said the three parties met on Friday to lay out the rehabilitation plan for the country’s major banana-producing areas.
“They (the three parties) will be our conduit to ensure that interest rates (for the funds to be used in the rehabilitation) will remain single-digit,” he said, noting that the interest rates with collateral should not be more than 8 percent.
Earlier, LBP has offered a P2-billion loan facility for all the banana growers whose farms were destroyed by Typhoon Pablo.
The banana sector was hit by the typhoon in December, sustaining losses of P22.23 billion. The damage to agriculture and fisheries then ballooned to P29.1 billion, the highest in recent years, according to DA records.
According to a report of the DA’s field unit in Region 11, about P33.35 million will be needed for the rehabilitation of banana plantations in the region.
Alcala said since the rehabilitation effort might take at least a year, LBP had offered a two-year grace period in the payment of the five-year loans.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94