The Development Bank of the Philippines (DBP) has granted a term loan to Benacorn Corporation to finance the importation/ acquisition of 240 pregnant dairy cows (Holstein-Jersey breed) and related expenses.
Benacorn Corp. is an agricultural services provider whose primary products include corn, corn seeds, corn grains, and corn silage. The company also provides post-harvest facility management, including corn shelling, corn drying and storage services. The company produces high quality corn for feed millers in Laguna, Batangas, and Quezon. It has built a dairy production facility, with 82 milking cows, that produce a daily average of 12 liters per cow.
Last year, Benacorn Corp. signed a memorandum of agreement with Hapcheon Livestock Cooperative of the Republic of Korea which led to the introduction of the first Total Mixed Ration (TMR) processing plant in the country. TMR is the practice of weighing and blending all feed stuff into a complete ration which provides adequate nourishment to meet the needs of ruminants.
A vibrant local dairy industry has a significant impact on children’s health, agribusiness expansion, local community development, and job generation. The country currently produces less than one percent of its total annual dairy requirement and imports the balance. However, local milk production is expected to continue expanding due to the strong demand for fresh milk, and growing dairying capabilities. With a strong economy and a growing population, the Philippines is a large and rapidly-expanding market for milk and milk products. Other factors contributing to the long term trend of strong growth in local dairy consumption are expanding cold chain capacity, an increase in the number of supermarkets, and a blossoming food processing industry.
With this project, DBP aims to help increase the supply of locally-produced dairy products as well as help transform the local dairy industry into one that can generate more wealth as well as improve opportunities for income and employment across the countryside.