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Rehab of banana plantations set


A rare cloud formation is seen amid destroyed banana plantation four days after typhoon Pablo rendered extensive damage to agriculture at Montevista town, Compostela Valley, on Dec. 8, 2012. Sumifru Banana Corp., Land Bank of the Philippines and banana growers in areas hard-hit by Pablo are set to sign a tripartite agreement to rehabilitate affected banana plantations in Davao Oriental and Compostela Valley, Agriculture Secretary Proceso Alcala said on Friday, Jan. 4, 2013. AP/BULLIT MARQUEZ

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.

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Tags: agreements , Agriculture , banana plantation , bananas , Philippines , rehabilitation , Typhoon Pablo

  • http://profile.yahoo.com/UZMYIL5FXLVIHRZXBQGONZS6U4 Jhune

    Cooperation of all specially the financial institution is the best solution for speedy recovery, We can all help our country men not only financial or material thing but our sincere prayers for their sake.  

  • barry p

    Good to see help coming to the banana producers sector.

    To arao_liwanang….Sure people devastated by typhoons also need help.  

    And there are specific programs handled by SSS, GSIS, DSWD, Health Dept, etc. specifically to address that need.

    Different programs for different needs.  

    This news article SPECIFICALLY talks about the need of an industry employing thousands of people.  If you don’t help this sector those people will lose their livelihoods/jobs.

    Your statement is PATHETIC.  

    Typical of society’s termites from arroyo, estrada, binay camp. 

  • arao_liwanag

    What about the people devastated by the typhoon, do they don’t need speedy rehab more than the plantation? Where does the morality of the Aquino government lies.

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