State-owned Development Bank of the Philippines launched a special credit facility focusing on coconut farmers in support of the government’s efforts to strengthen the development of the coconut industry, one of the major segments of the local agriculture sector, a top executive said Thursday.
DBP president and chief executive Michael de Jesus said the Coconut Farmers and Industry Development Credit program aims to provide financing to support projects related to the coconut value chain focusing on capacity expansion, farm integration and enterprise diversification to increase farm production and income of coconut farmers.
“We believe that a robust agribusiness sector is one of the keys to achieving a food-secure Philippines,” de Jesus said. “Through this new loan program, DBP aims to pave the way for coconut farmers and agri-preneurs to thrive in a highly competitive market.”
DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.
The CFID complements the Department of Agriculture’s efforts to boost food production by addressing various challenges in the coconut industry ranging from low production to natural calamities and pest infestations.