DBP lends P116 million for swine farm expansion

MANILA, Philippines — State-owned Development Bank of the Philippines (DBP) said it extended a P116-million loan for the expansion of a swine farm project in Nueva Ecija to boost the government’s hog repopulation efforts.

DBP president and CEO Michael de Jesus said the loan was granted under its Swine Repopulation, Rehabilitation, and Recovery (SWINE R3) Credit Program for the expansion of iPigs Agricultural Farm in Laur, Nueva Ecija.

“DBP is excited to fund this initiative aligned with the vision of President Marcos of promoting a competitive and sustainable agriculture sector as a means to achieve poverty reduction and inclusive growth, as well as in ensuring sufficient food supply in the country,” De Jesus said.

The loan will be used for the construction of seven duplex-type, wean-to-finish piggery buildings of iPigs Agricultural Farm in its 12.6-hectare property in Laur, Nueva Ecija, he said.

The DBP said the iPigs Agricultural Farm began operations in 2021 and has an existing swine contract growing agreement with Charoen Pokphand Foods Philippines Corp. (CPFPC).

CPFPC is the local subsidiary of the Thailand-based conglomerate Charoen Pokphand Foods that has investments and partnerships in 17 countries worldwide, the DBP added.

“The loan was one of the first granted under SWINE R3 facility, a lending program aimed to boost government efforts to repopulate the local swine industry through the financing of medium and large-scale swine projects,” De Jesus said.

The DBP has approved a total amount of loan of P2.6 billion under its SWINE R3 Credit Program covering 16 accounts as of October 2023.

“DBP is ready to fund more projects to ensure the continued availability of pork and pork products in the market,” De Jesus said.