Lorenzo said the "action plan aims to expand hybrid corn to 35,000 hectares." It is also designed to increase production volume, reduce logistics and improve the over-all competitiveness of corn in the country, he added.
The program will include the installation of drying, milling and storage facilities in the provinces of Misamis Oriental, Bukidnon, Cotabato, Sultan Kudarat and Saranggani, the construction of 7MT-bulkhandling system from the farm to the ports of Cagayan de Oro and General Santos and the deployment of vessels that can absorb corn in bulk.
Lorenzo said several government lending institutions have pledged to support the project.
Quedancor announced a P250-million production loan program while the Development Bank of the Philippines bared a P6-billion credit package as part of their logistics development plan. Landbank also provided details of their credit facilities.
The private sector-led Philippine Corn Board will serve as the vehicle for dialogue, joint planning, close coordination and program monitoring.
The corn board was established following a continuing decline in the area planted to corn and sharp price fluctuations of this commodity. From a total of 2.6-million hectares in 1995, area harvested went down to 2.5-million hectares in 2000. Corn importation reached the two-million mark in 1998, including substitutes, from a low of 730,000 MT in 1997.