State-owned Development Bank of the Philippines (DBP) is stepping up its efforts to finance the strategic initiatives of the Marcos Administration to ensure food security in the country through a lending facility aimed at revitalizing the local hog industry, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said that the Bank’s Swine Repopulation, Rehabilitation, and Recovery (Swine R3) Credit Program, in partnership with the Department of Agriculture (DA), assists in the establishment of bio-secured swine farms across the country.
“The SWINE R3 Program is a tangible manifestation of DBP’s support to the vision of President Ferdinand R. Marcos, Jr. of ensuring food security in the country as it provides financial assistance to local hog raisers with the objective of strengthening the entire pork production chain,” de Jesus said.
DBP is the eighth largest bank in the country in terms of assets and provides credit support to four priority economic sectors – infrastructure and logistics; micro, small, and medium enterprises; the environment; and social services and community development.
De Jesus said the SWINE R3 also complements the DA’s Integrated National Swine Production Initiatives for Recovery and Expansion (INSPIRE) program which seeks to provide a calibrated approach to hog repopulation and swine livelihood enterprises, leading to intensive and modernized pork production.
Through the SWINE R3 Program, DBP grants credit assistance to small businesses and local government units in setting up bio-secured wean-to-finish facilities or engaging in contract growing agreements with a partner integrator such as Charoen Pokphand Food Philippines Corporation, the local subsidiary of the Thai food conglomerate.
De Jesus reported that as of January 2024, DBP has approved P 2.72 billion in credit support under the said facility. “We fully expect that number to increase to P 5.57 billion by year-end, and more importantly, to significantly boost domestic pork production,” he noted.
DBP’s assistance to the hog industry has already increased annual hog production in the country by an estimated 59,501 heads, translating to an additional 5.95 million kilos of available pork and pork products while existing projects that include a 2,400-sow farm in South Cotabato and a 6,000-sow farm under construction in Negros Occidental are expected to contribute 686,400 heads or 75.504 million kilos annually.
De Jesus said the Bank is also allocating P 700 million for the establishment of a 3,000 sow-breeder farm and wean-to-finish farm in Palawan that would produce 84,000 piglets annually from the breeder farm and 72,000 heads from the wean-to-finish facility.
“DBP is eager to ramp up its assistance to local hog raisers as it firmly believes that a robust and competitive agribusiness sector is crucial to achieving a food-secure Philippines,” de Jesus said.
This article is brought to you by Development Bank of the Philippines.
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