March 1, 2024

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DBP lends P645 million to agriculture startup challenge

a sign in front of a building: DBP lends P645 million to agriculture startup project

© STAR/ File
DBP lends P645 million to agriculture startup undertaking

MANILA, Philippines — Condition-run Enhancement Bank of the Philippines (DBP) has lent P645 million  to a domestic agriculture enterprise to help make improvements to its banana flour and coconut sugar manufacturing and export capabilities.

DBP president and chief govt officer Emmanuel Herbosa said the lender signed a mortgage agreement with Hijo Superfoods Inc. (HSI) to guidance its start off-up unit, Challenge Honeycomb, and fund the institution and enlargement of its amenities.

This, Herbosa stated, would aid boost the company’s production of export products and solutions and give continued livelihood to regional farmers and suppliers.

“DBP has usually been supportive of the initiatives of our community industries that benefit, not just the regional local community but encourage the nation as effectively as a result of their entire world-course merchandise,” Herbosa claimed.

By means of Job Honeycomb, HSI aims to ramp up its generation of coconut sugar to 9 metric tons (MT) a day or at minimum 270 MT a thirty day period, from the current degree of 12 MT for each month, by making use of highly developed technological know-how and fashionable machinery.

It would also help the business to start manufacturing banana flour at an preliminary potential of five MT a working day using bananas sourced from HSI’s have farms and in the same way classed harvests of other Cavendish banana-manufacturing companies.

DBP senior vice president for Southern and Western Mindanao Lending Team Ana Marie Veloso claimed the job would assure a additional sustainable livelihood for local coconut farmers amid fluctuating rates of copra in the global industry.

HSI designs to ship the sugar and banana flour goods to export markets, with the company anticipating to receive a lot more than $10 million in gross revenues.

“On an additional note, the goods of Hijo are also deemed much healthier solutions to typical processed sugar thus contributing immensely to the nation’s attempts to overcome and manage non-communicable diseases these as diabetes,” Veloso mentioned.

DBP gives credit history aid to four strategic sectors of the economic climate, such as infrastructure and logistics, micro, smaller and medium enterprises, social companies and local community advancement, and the natural environment.