DBP okays Php 50-M loan to Pangasinan poultry project

• Source: http://www.pna.gov.ph/index.php?nid=3&rid=823266
• Wednesday, November 4, 2015

(PNA), RMA/PR/DBP/EDS

MANILA, Nov. 4 (PNA) -- In partnership with the Pangasinan Credit Surety Fund (PCSF) and the Bangko Sentral ng Pilipinas (BSP), the Development Bank of the Philippines (DBP) has approved a seven-year term loan of Php 50-million to the Malingas Multi-Purpose Cooperative (MMPC).

Proceeds of the loan will be used for the construction of two single deck tunnel ventilated poultry buildings in Malasiqui, Pangasinan with a maximum capacity of up to 120,000 birds, and for additional working capital.

The project promotes a cleaner environment through the use of tunnel ventilated technology and a solar power system. The climate-controlled system of tunnel vent technology manages the temperature and humidity inside poultry buildings, and improves harvest recovery rate up to 96 percent.

The system also helps eliminate foul odors caused by wet manure and the attraction of flies. The solar power system, on the other hand, lessens reliance on fossil fuel as an energy source.

According to PCSF chief executive officer Dr. Ed Mendoza, “The loan package approved by DBP using CSF Surety Cover is a breakthrough in financing agri-based medium scale enterprises owned and managed by farmers’ cooperatives. It demonstrates the seriousness of the government, and DBP, in bringing about inclusive growth in the countryside.

Furthermore, timely approval and release of loan proceeds speaks well of the efficiency, dedication and professionalism of DBP’s Small & Medium Investment & Loans for Entrepreneurs (SMILE) department.”

At the same time, MMPC chairperson Victoria Ferrer and general manager Rufo Catambing also expressed gratitude to DBP’s SMILE department, “for approving and releasing our loan in more or less one month only. You helped us small cooperative farmers a lot.”