More agri investments sought

Manila, Philippines -  The National Agribusiness Corporation (NABCOR) is expanding its function as an investment promotion body for the agricultural sector to attract big investments from local agriculture companies.

NABCOR was organized and registered with the Securities and Exhange Commission as a private corporation fully owned by the Department of Agriculture (DA) as its investment arm in agribusiness projects in remote areas that private investors find too risky.

It has built corn drying facilities and milling facilitates in corn production provinces and cold storage systems in Clark Special Economic Zone for fresh farm and fish exports.

“But today the new NABCOR is more aggressive to promote investments in rural development. “We will also promote an active participation in the food security program,” said NABCOR president Honesto Baniqued during the launch of the new NABCOR yesterday.

“NABCOR is assuming the role of promoting private sector investments in the farm and fishery sector…The sector has been lagging behind the services and manufacturing sectors in attracting big local investors into viable agribusiness projects,” he added.

He said the focus for attracting big investments into the agriculture in farm sector would be on local companies, but foreign investments would also be welcomed.

“We want to strengthen local partnerships but we also encourage foreign investors,” Baniqued said.

NABCOR will encourage investments in rice, corn, high volume commercial crops, and use of organic fertilizers.

With existing investments, Baniqued said these businesses would be groomed to have value-added output.

He noted that the Philippines, being an agricultural country, still lacks a comprehensive action plan for promotion of investments in agriculture.

The sector, if it is has to more forward at a faster pace, requires massive investments from the private sector, “ he said.