BPI increases loans to agriculture and livestock sectors

Launches lending program for livestock owners nationwide.

Bank of the Philippine Islands, the country’s third largest bank, said its BPI Agribusiness Solutions will support poultry raisers, hog farmers and entrepreneurs and small companies engaged in cattle fattening. BPI launched BPI Agribusiness Solutions last week.

The program will also expand business corridors in the island of Mindanao such as those in the cities of Cagayan de Oro in Misamis Oriental province, General Santos in South Cotabato province and Davao province.

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 agri-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% 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.

BPI launched its agribusiness campaign this year because of its strong belief that the Philippines will be a big player in the livestock industry in Southeast Asia. The bank noted that the country is free of the food-and-mouth disease that has been the bane of cattle raisers in the region.