Philippine bank offers loans to poultry farmers

The Bank of the Philippines Island (BPI) is to aid the country’s poultry producers with the launch of its BPI Agribusiness Solutions that offers loans to livestock and poultry producers in Mindanao.

BPI executive vice president and corporate banking group head Alfonso Salcedo Jr. is optimisitic about the potential of agribusiness, especially in the coming Asean integration by 2015, where there will be increased demand in the global market.

The program is intended for livestock and poultry producers in Cagayan de Oro, Bukidnon, General Santos City and Davao City.

The Philippines is free from bird flu which is decreasing stocks of chicken and duck in mainland Asia and poultry and livestock products are the second agricultural output of the country next to rice.

The bank is offering loans to commercial raisers with below 6% interest for the floating rate and 7% for the fixed rate, with a 5-6 years grace period for commercial poultry raisers. BPI said agriculture has contributed 12.3% or P11.9 billion of the country’s gross domestic product (GDP) in 2011.