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BPI launches new agriculture loans in Philippines

BPI launches new agriculture loans in Philippines

(12 March 2013 – Philippines) Bank of the Philippine Islands (BPI) has launched a lending program for livestock owners nationwide. BPI is the country’s third largest bank and believes its Agribusiness Solutions will support poultry raisers, hog farmers and entrepreneurs and small companies engaged in cattle fattening. BPI launched BPI Agribusiness Solutions last week.

BPI will have two agriproducts: BPI Agribusiness Solutions Commercial Hog Breeding and Fattening and the BPI Agribusiness Solutions Poultry Contract Growing/Commercial Broiler Operations.

BPI Agribusiness Solutions lends to piggery, poultry and other agriculture-related businesses like fish production, fruits, vegetable and crop production, post-harvest operations and food processing, agricultural trading and sustainable/renewable-energy financing.

BPI said it is venturing into agriculture to conform with the Agri-Agra Law that mandates banks to set aside 20 percent of its total loan portfolio for agri-agra loans.

It noted that the agriculture sector is highly important for the Philippines as it promotes food security.

Agriculture promises to be the key to alleviate poverty among millions of Filipinos who depend on farming and livestock-raising. A stronger agriculture sector is needed to sustain growth and food sufficiency.
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