Gov. Arthur Yap met with Development Bank of the Philippines (DBP) president Emmanuel Herbosa to check on the status of the credit line extended to a Bohol-based cooperative which is the provincial government’s partner in the rice buy back program, according to a report of the Provincial Information and Media Relations (PRIMER) on Mar. 10, 2022.
Yap and Herbosa met on March 7, 2022 at the latter’s office in Manila, the report adds.
Moreover, Yap finalized with Herbosa the negotiations for the credit line for the Bayanihan Multi Purpose Cooperative (MPC) to the tune of P400 million.
The funds will be used by the cooperative to purchase palay from Boholano farmers enrolled in the province’s buy back program.
Palay, under the buy back program, will be purchased at P21 per kilo and will be processed into rice under the Bugas ni Dagohoy brand, the report mentions.
The PRIMER report bares that the program, through the cooperative, will be selling Bugas ni Dagohoy at P45 to P50.
Around 300,000 cavans of rice will be purchased under the program.
With the cooperative focusing on the purchasing palay in the buy back program, the Provincial Government of Bohol is now concentrating on providing input support for farmers under the Advanced Rice Technology 160 program implemented in 12 localities in Bohol.