DBP lends 209.3 million pesos to agricultural cooperatives in Bohol

(Seated from left) Senior Assistant Vice President of DBP Ma. Ofelia Tesorio, Paul Lazaro, Executive Vice President of DBP, Bonifacio Bermoy, Chairman of the Board of Directors of BBMPC, Arthur Yap, Governor of Bohol, and Melchor Daniel, Chairman of the Board of Directors of BCMPC. CONTRIBUTED PHOTO

The state-owned Development Bank of the Philippines (DBP) has approved credit support of P209.3 million to two rice farmer cooperatives in Bohol province as part of the bank’s continued support to the program national government aimed at boosting the productivity and operational efficiency of rice farmers. essential staple food, a senior official said.

DBP Chairman and CEO Emmanuel Herbosa said the 200 million pesos and 9.3 million pesos awarded to Bohol Bayanihan Multipurpose Cooperative (BBMPC) and Bohol Community Multipurpose Cooperative (BCMPC) , respectively, would primarily be used for working capital as well as processing, storage and other logistical requirements.

“DBP’s support complements current initiatives by the local government of Bohol led by Governor Arthur Yap, such as its Advanced Rice Technology (ART) program, to further improve the socio-economic condition of rice farmers in the province while strengthening security. food,” Herbosa said. mentioned.

DBP is the fifth largest bank in the country by assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.

Under the agreement, proceeds from the 200 million peso DBP loan would be used by BBMPC for working capital for palay sourcing, storage, drying, milling and packaging; acquisition of means of transport and equipment; rice processing complex repair; and to on-lend to smallholder rice farmers registered in the Registration System for Basic Sectors of Agriculture (RSBSA).

DBP’s financial assistance to DA-accredited farmers’ cooperatives is an integral part of the national government’s expanded credit assistance for rice.

Bohol Province’s ART program, on the other hand, aims to achieve the planting and harvesting of high-yielding rice varieties, both from hybrid and certified seed, as well as the direct purchase of palay from a above prevailing market prices to help boost rice farmers’ income.