The Mindanao Development Authority (MinDA) has asked its partner-bank, the Development Bank of the Philippines, to support the region’s Post COVID 19 Economic Recovery Program by earmarking P5-B in loans for Mindanao’s agribusiness sector.
During a meeting at the DBP headquarters in Makati City, MinDA Investments and Promotions Office led by Director Helen de Castro presented to DBP President Emmanuel Herbosa the Agribusiness Investment Projects for Economic Recovery and Development (AGRED) which covers poultry and hog breeder farms, cattle fattening and corn production program.
The programs are aimed at addressing the current supply issues for poultry, pork and beef by establishing breeder and cattle fattening farms in key production areas all over Mindanao.
The poultry and hog breeder and production farms, including the cattle fattening feedlots, will be located in corn production areas where MinDA is proposing the establishment of grains silos to ensure steady supply of feed grains all-year-round.
Mindanao lacks broiler chicks production farms with most of the supplies coming from Luzon resulting in more expensive but inferior quality broiler chicks.
The unabated spread of the African Swine Fever all over the country also affected the production of hogs in Mindanao which led MinDA to propose the establishment of bio-secure hog breeder farms to supply farms in ASF-free areas with fatteners.
The lack of beef supply in the country is expected to be addressed by the establishment Cattle Fattening Feed Lots using locally procured cattle or steers and culled cows from Australia and other cattle-prioducing countries.
The programs are aimed at contributing to the food security program of the country, provide jobs and employment opportunities and boost Mindanao’s economic recovery in 2 to 3 years.
DBP President Herbosa said the bank fully supports the programs introduced by MinDA and would now wait for concrete project proposals from Mindanao’s private sectors for loan funding.
MinDA, on the other hand, will assist private sector investors in preparing their feasilibity and financial studies for presentation to DBP.
During the term of the late MinDA Chairman Sec. Abun Khayr Alonto, MinDA and DBP signed a partnership agreement which stipulated a collaboration between the two agencies in boosting Mindanao’s economy by supporting the private sector in accessing loan funds.
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(AGRED presentation was prepared by the MinDA Media Bureau and Investments Office while photos of the Wednesday meeting between MinDA and DBP were taken by the MinDA Staff.)
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