MANILA, Philippines — Development Bank of the Philippines (DBP) extended a loan worth P116 million for the development of a bio-secured swine farm project in Nueva Ecija province.
The project involves the construction of seven duplex-type, wean-to-finish piggery buildings of iPigs Agricultural Farm located in a 12.6-hectare property in Laur town, marking the firm’s expansion in the area.
iPigs Agricultural Farm, whose operations commenced in 2021, has an existing swine contract growing agreement with Charoen Pokphand Foods Philippines Corp. (CPFPC).
CPFPC is the local subsidiary of the Thailand-based conglomerate with investments and partnerships in 17 countries worldwide.
READ: Thai firm vows hike in PH investments
DBP said the funding obtained by iPigs Agricultural Farm is one of the first loans under its Swine Repopulation, Rehabilitation, and Recovery (Swine R3) Credit Program.
Swine R3 is a lending program that aims to boost government efforts to repopulate the local swine industry through the financing of medium and large-scale swine projects.
“DBP is excited to fund this initiative aligned with the vision of President Marcos of promoting a competitive and sustainable agriculture sector as a means to achieve poverty reduction and inclusive growth, as well as in ensuring sufficient food supply in the country,” DBP President and CEO Michael de Jesus said.
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Amid the Philippines’ battle against African swine fever, hog production hit 1.8 million metric tons (MT) in 2023, up by 3.3 percent from 1.7 million MT a year ago, according to the Philippine Statistics Authority (PSA).