Available loan window in support of local pork producers and feed millers were recently raised to P30 billion from P15 billion for distressed swine industry reeling from the adverse impact of the Asian swine fever (ASF), the Land Bank of the Philippines (LandBank) said.
Earlier, Finance Secretary and Landbank chairman Carlos Dominguez III issued a directive for the state lender to double its support for hog raisers, feed millers, and other industry players dealing with supply shortfalls and retail price spirals of pork products.
“Landbank is doubling its funds available for financing swine repopulation, feed milling operations and facility upgrades in order to help address at the soonest the supply shortfalls and subsequent retail price spirals affecting both hog producers and pork consumers,” Dominguez said.
He said the Landbank is taking steps to ease the supply and price pressures with additional funding support for stakeholders, as the steep rise in pork prices is partly responsible for the current elevated inflation that has exacerbated the daily woes of Filipino consumers amid the pandemic.
The funds will be available under the Landbank SWINE (Special Window and Interim Support to Nurture Hog Enterprises) lending program for commercial hog raisers registered as cooperatives or farmers’ associations, small and medium enterprises (SMEs), and large enterprises or corporations.
On March 17, 2021, the state-run bank, in partnership with the Department of Agriculture (DA), launched the SWINE lending program to support the local hog industry amid threats from the ASF outbreak and assist hog raisers in sustaining and increasing pork production.