Thailand-based Charoen Pokphand Foods Philippines Corp. (CPFPC) is the latest firm to join the government’s efforts to revitalize the embattled domestic hog industry as it partnered with the Development Bank of the Philippines (DBP) for its bio-secured farm credit project.
The Department of Agriculture (DA) said CPFPC entered into a memorandum of agreement with the DA and the DBP for the implementation of the “Swine Rehabilitation, Repopulation and Recovery Credit” or Swine R3 program.
The R3 program seeks to finance bio-secured hog farm projects as a support to the national government’s efforts of reviving the local swine industry that has been devastated by African swine fever (ASF), the DA added.
“This is a welcome development for us at the DA as we pursue joint efforts to control ASF and repopulate ASF-free areas,” said Agriculture Secretary William D. Dar, who witnessed the MOA signing last May 20.
“With CPFPC’s technological expertise in modern bio-secured farms and DBP’s support in providing credit assistance to eligible public and private institutions, we will be able to level up our efforts in reviving the industry.”
DBP President and CEO Emmanuel Herbosa said the partnership will “elevate and expedite” the government’s hog repopulation program and rehabilitation initiatives.
“Through this program, we hope to assist in the recovery of our hog industry and eventually contribute to the country’s food security,” Herbosa said.
The Swine R3 program is a credit program that provides loans for the construction of bio-secured swine farms, and acquisition of farm machinery and equipment. The eligible projects under the credit program include swine breeder farms, swine wean-to-finish farms, and consolidated swine facility projects, according to the DA.
“Through this partnership, we will be able to share our knowledge in helping boost a sustainable business climate not only for our company, but also for our Filipino farmer-partners,” CPFPC Vice Chairman Khun Sakol Cheewakoset said.
“Our state-of-the-art bio-secured farms enable us to be resilient from ASF, thus making our business a success. Moving forward, this will also open export opportunities for the Philippines. We assure and commit to you our continuous support in investing in the Philippines,” Cheewakoset added.
Dar said he hopes that CPFPC will expand its operations in regions near the National Capital Region, the country’s main pork market.
“When we rolled out the Integrated National Swine Production Initiatives for Recovery and Expansion or INSPIRE program, we emphasized the whole-of-nation approach. We galvanized support from the private sector, financing institutions and local government units and committed to strongly implement the hog repopulation program. We are glad that this is slowly coming into fruition.”
Image courtesy of Bloomberg
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