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DBP solidifies support for local dairy industry

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The Development Bank of the Philippines (DBP) recently signed a memorandum of agreement with the National Dairy Authority (NDA) for a special lending program that is expected to contribute significantly to the development and growth of the local dairy industry.

The new credit program is envisioned to address the need for more projects to further assist dairy communities and dairy zones.  The program covers the whole value chain of activities in the dairy industry which includes production, collection, processing, and marketing.  Eligible borrowers include both wholesale (banks and non-banks) and retail, to include all types of duly-registered dairy businesses and even local government units and government-owned-and-controlled corporations with dairy development initiatives and commitments.

Aside from funding, DBP will also promote the program nationwide, assist in securing guarantees for loans, evaluate projects, and alongside NDA, undertake project monitoring.  As added boost to the dairy industry, NDA has recently imported 1,414 pregnant cows which are ready for release to eligible borrowers.

A vibrant local dairy industry has a significant impact on children’s health, agribusiness expansion, local community development, and job generation.  While demand is high for dairy products, local dairy farmers can barely supply a quarter of the domestic demand for liquid milk.  As a result, the country spends up to US$730-million annually to import milk.

Through this newly-forged partnership with NDA, DBP aims to significantly increase the supply of locally-produced dairy products as well as help transform the local dairy industry into one that can generate wealth as well as improve opportunities for income and employment across the countryside.

Development Bank of the Philippines (DBP) chairman Jose A. Nunez Jr. (center) in a handshake with National Dairy Authority (NDA) administrator Grace J. Cenas. Also in photo are (from left): Governance Commission for Government Owned or Controlled Corporations commissioner Rainier B. Butalid, NDA board member Robert M. Enerio, and DBP executive vice president Benel D. Lagua.
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