Mindanao local government units which will establish Corn Grains Silo Storage Projects will be supported by the Development Bank of the Philippines (DBP) with loan funds for the facilities and working capital.
DBP President Emmanuel Herbosa yesterday made the commitment during a meeting with the Mindanao Development Authority in the bank’s headquarters in Makati.
The Corn Grains Silo Storage Program was designed by MinDA to develop the Corn Industry of Mindanao.
Under the program, LGUs will be assisted by MinDA in establishing the COGSS facility under an Economic Enterprise Program.
At peak harvest time when traders traditionally manipulate corn buying prices because of the lack of post-harvest facilities, farmers could deposit their produce in the COGSS while waiting for a better price.
Using the deposited corn as guarantee, the farmers could avail of a cash advance which will be deducted when he finally sells his produce at a better price.
The municipality of Baungon, Bukidnon will be the first Mindanao LGU to implement this program to protect corn farmers from price manipulators.
Baungon Mayor Giovanni Dahino said the Baungon COGGS will also offer seeds, fertilizers, tractor and harvesting facilities payable after harvest.
MinDA aims to convince other corn-growing LGUs in Mindanao to establish the COGSS and create a network of LGUs inter-connected by a digital platform to manage supply and prices.
The program is expected to benefit not only the farmers but the end users like feedmills too because of stable and sustainable corn supply.
It could also boost the other corn-dependent sectors like livestock and poultry raising.
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(Photos by MinDA OC)
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