BPI offers loan program for livestock, poultry raisers-A A +A
Saturday, May 25, 2013
THE Bank of the Philippines Island (BPI) formally launched on Friday the BPI Agribusiness Solutions that offers loan program to livestock and poultry raisers in Mindanao.
BPI executive vice president and corporate banking group head Alfonso Salcedo Jr. expressed his optimism on the potential of agribusiness, especially in the coming Asean integration by 2015 where there will be a demand in the global market.
The program is intended for livestock and poultry raisers in Cagayan de Oro, Bukidnon, General Santos City and Davao City.
Salcedo said there will be a demand of livestock supply globally since the country has a big chance of being a big player in the industry being known to be free from food-and-mouth disease (FMD) that has been a problem for cattle raisers in the region.
The BPI executive also noted that the country is also free from the viral disease in livestock like the lethal bird flu that had been the cause of decrease in the stocks of chicken and duck raisers in the mainland of Asia Poultry and livestock products are the second agricultural output of the country next to rice, according to Salcedo.
BPI said agriculture has contributed 12.3 percent or P11.9 billion of the country's gross domestic product (GDP) in 2011.
The bank is offering loans to commercial raisers with below 6 percent interest for the floating rate and 7 percent for the fixed rate. They are also offering 5 to 6 years grace period for loan programs in commercial poultry raiser and 10 years grace period for hog raisers.
BPI assistant vice president and Agribusiness Unit head Perlina Padilla said all the figures, especially on interest rates are still subject to change upon the period.
On the other hand, BPI also offers two agri products, the BPI Agribusiness Solution Commercial Hog Breeding and Flattening which involves the partnership between BPI and Pid Improvement Co. (PIC) as technology provider and bred suppliers for prospect clients.
Second is the "BPI Agribusiness Solutions Poultry Contract Growing/ Commercial Broiler Operation which entails the financing of qualified or prospective clients which are poultry contract growers like the San Miguel Foods Inc.
BPI will also be tapping other commercial integrators especially in Mindanao, which has vast area for this kind of business unlike in Luzon.
Aside from the agribusiness solution offered by BPI lend to piggery and poultry, it also finances other agri-related businesses like fish production, fruits, vegetables and crop production, post-harvest operations and food processing, agricultural trading and sustainable or renewable energy financing.
"It is time to level up in agribusiness," Sacedo said during the launch at Seda Hotel.
Published in the Sun.Star Davao newspaper on May 26, 2013.