Development Bank of the Philippines (DBP) is lending P209.3 million to two rice farmer cooperatives in Bohol as part of the bank’s continuing support to programs aimed at boosting agricultural productivity, according to reports.
DBP President and Chief Executive Officer Emmanuel Herbosa said the P200-million and P9.3-million are granted to the Bohol Bayanihan Multi-Purpose Cooperative (BBMPC) and the Bohol Community Multi-Purpose Cooperative (BCMPC), respectively.
The funds would be used for working capital as well as processing, storage and other logistical requirements.
“DBP’s support complements current initiatives of the local government of Bohol led by Governor Arthur Yap, such as its Advanced Rice Technology (ART) program, to further uplift the socio-economic condition of rice farmers in the province while boosting food security,” Herbosa said in a report
The BBMPC will use the loan proceeds for palay procurement, storing, drying, milling and packaging; acquisition of transport and equipment; repair of rice processing complex; and for relending to small rice farmers included in the Registry System for Basic Sectors in Agriculture (RSBSA).
DBP’s financing assistance to DA-accredited farmers cooperatives is part of the Expanded Rice Credit Assistance program.
