The Development Bank of the Philippines (DBP) is working closely with the Department of Agriculture and hog industry stakeholders in the Philippines to increase pork production to meet consumer demand and stabilize the prices of the popular meat in the local market, SunStar reports.
According to the Bureau of Animal Industry, the Philippines government has culled more than 470,000 hogs to prevent the spread of the deadly African swine fever (ASF) virus. Although the virus is not harmful to humans, it has been devastating to the pork industry.
In an effort to help hog producers, the bank is planning to roll out a special credit known as the DBP Swine Repopulation, Rehabilitation and Recovery Credit Program (Swine R3 Credit Program) to fund the construction of biosecure swine farms and the purchase of necessary farm equipment, the article said.
DBP, the sixth largest bank in the Philippines in terms of assets, is implementing this program to complement the Department of Agriculture’s Integrated National Swine Production Initiatives for Recovery and Expansion (INSPIRE) Program aimed at “calibrated repopulation and swine livelihood enterprise, establishment of breeder multiplier farms, and intensive and modernized production.”
Under this program, local government units and eligible private firms may borrow funds to establish swine breeding farms, wean-to-finish farms and consolidated swine facility projects, SunStar reports.
The program offers a maximum loanable amount of up to 100% of total project cost for local government units and up to 70% for private entities, with payment terms of up to 10 years, including a maximum grace period of two years, the article said.
PhilStar Global reports the DBP has aligned P12 billion for commercial hog production. It also set aside P500 million for its borrowing program to bankroll the upgrade of farm facilities operated by small firms.
More from Farm Journal’s PORK:
Nutrition: The Next Activist Battleground?
Vilsack says Decision to Appeal Pork Line Speeds Ruling Isn’t Up to USDA
