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DBP signs MOA for palm oil project in Bukidnon


DBP signed recently a Memorandum of Agreement (MOA) for the development of a palm oil plantation and oil mill in Kalilangan, Bukidnon under its Tree Plantation Financing and Sustainable Agri-Business Financing Programs.

The project, which is being undertaken in partnership with the Bali Oil Palm Produce Corporation (BOPPC) and Kalilangan Oil Palm Growers Association (KOPGA), involves the  development of 3,000 hectares of palm oil plantation and the establishment of a 30-ton per hour oil mill in Kalilangan, Bukidnon.

Under the MOA, DBP will lend P80-million to KOPGA for the planting and development of an initial 800 hectares of the oil palm plantation. The project may be expanded to include the additional 2,200 hectares with estimated project cost of P220-million.

KOPGA will provide the necessary manpower requirement for the project and implement oil palm farming technology prescribed by the BOPPC.  KOPGA will also deliver fresh fruit bunches (FFB) harvest to BOPPC, which will have the exclusive right to buy the FFB.

BOPPC, meanwhile, will conduct capability training and seminar and provide technical assistance to KOPGA for free.  It will also provide the necessary agricultural inputs like fertilizer and pesticide at reasonable price and seedlings for the plantation.

Shown during the signing of the tripartite MOA are (from left): BOPPC director Col. Romeo Posadas, KOPGA chairman Robert Gelico, BOPPC chairman Manuel Boniao, DBP executive vice president Benel Lagua, DBP executive vice president Mario Palou, DBP vice president Neogen Chaves, and DBP senior assistant vice president Aurora Maghirang. Standing are Irene Olalo and Jose Pepito Yusingbo of DBP.