LBP inks MOA with agro-industrial company

Landbank of the Philippines (LBP) signed a Memorandum of Agreement (MOA) with a Thai agro-industrial company to formalize its partnership to support and expand the business operations of hog, poultry, and aqua raisers.

Under the MOA, LBP will provide financing support to clustered farmer-fisherfolk groups; cooperatives; micro, small, and medium enterprises; and other agri-enterprises of Charoen Pokphand Foods Philippines Corporation (CPFP) for the acquisition and construction of bio-secured buildings and other production facilities to boost their production.

LBP President and CEO Cecilia Borromeo said this partnership is an avenue to help local farmers financially in their hog, poultry, and aquaculture needs.

“This partnership is a result of an effective government collaboration through the whole-of-government approach,” Borromeo emphasized.

Part of the MOA is the extension of credit assistance for capital expenditures and working capital to CPFP-endorsed borrowers interested to franchise meat shops, and roasted and fried chicken stations.

This is line with LBP’s continuing contribution to build a stronger and more resilient hog industry that has been constrained by the African Swine Flu outbreak.

Meanwhile, CPFP Vice Chairperson Sakol Cheewakoset expressed his gratitude to the bank for trusting the company in this partnership.

“Thank you for the trust that you have given our company to spearhead and partner with your respected department to be able to help recover the Philippine Swine Industry through the Landbank Credit Program,” Cheewakoset said.

He added that this partnership will help the company as well as the 3,000 Filipino employees and their families by providing job generation opportunities while ensuring that all Filipino people have access to a healthy, safe, and hygienic food.

Cheewakoset then assured that CPFP will be the government’s partner in envisioning and providing a good way of life for the Filipino people.

For his part, Agriculture Secretary William Dar said this partnership is a realization of their shared mission to strengthen and enhance the much-needed support for local swine and poultry and fishery and aquaculture industries. (CLJD/CASB-PIA 3)