26 C
Cagayan de Oro
Sunday, May 26, 2024
spot_img
HomeAdvertisementsT’boli co-op inks P224-M LANDBANK loan to boost pineapple production

T’boli co-op inks P224-M LANDBANK loan to boost pineapple production

T’BOLI, South Cotabato — In line with its intensified support to the agriculture sector, the Land Bank of the Philippines (LANDBANK) recently granted a P224-million loan assistance to the T’Boli Farm Growers Multi-Purpose Cooperative (TFGMPC) to further expand the cooperative’s production of pineapples and pineapple fibers.

Bulk of the LANDBANK loan amounting to P180 million will augment the co-op’s working capital requirements for the procurement of farm inputs and other costs to boost pineapple production.

Meanwhile, TFGMPC will utilize P34 million to acquire farm machineries and post- harvest facilities for hauling and land preparation, such as tractors, service vehicles, trucks, and a backhoe loader.

The remaining P10 million will be used to increase the volume of pineapple fibers that the co-op is exporting to the United Kingdom, which are used to manufacture pineapple leather material for shoes, bags and other accessories.

“LANDBANK continues to intensify its lending support to the agriculture sector, especially farmers in the Mindanao region. LANDBANK is committed to deliver timely and responsive support to expand their operations and boost their production and income, “said LANDBANK President and CEO Cecilia Cayosa Borromeo.

LANDBANK South Cotabato Lending Center Head, Assistant Vice President Lilibeth D. Alvarez and TFGMPC Chairwoman Jocelyn S. Serofia led the ceremonial loan signing, together with TFGMPC Manager Adolfo D. Tanco, Jr., Treasurer Arcadio L. Adelantar III, alongside TFGMPC Board members and LANDBANK staff as witnesses.

LANDBANK has been a long-time development partner of TFGMPC spanning 28 years, with the latest loan to benefit the co-op’s 991 farmer-members operating in a total of 1,041 hectares of farmland in the municipalities of T’boli, Surallah, Lake Sebu and Banga.

The TFGMPC started in 1993 with only 17 members primarily to cater to the financing requirements of farmers engaged in pineapple production.

In 1995, the co-op operated through a pineapple contract growing scheme with the T’boli Agro-Industrial Development, Incorporated (TADI), with the successful partnership translating into a 400 hectare-plantation, supported by a P20-million loan line from LANDBANK.

In 2004, Dole Philippines, Inc. (Dolefil) took over TADI’s operations and became the marketing arm of the co-op’s produce.

Over the years, TFGMPC has ventured into pineapple fiber production after the Department of Agriculture (DA), through the Philippine Fiber Industry Development Authority (PhilFIDA), awarded the co-op five decorticating machines.

With a stable market and reliable financing from LANDBANK, the TFGMPC continues to expand its operations and shares their success with local communities by conducting feeding programs, reforestation, and nursery activities, as well as granting of scholarships for students.

####

RELATED ARTICLES
Advertismentspot_img

Most Popular

Recent Comments