DBP earmarks P300M for Oro's agribusiness dev’t-A A +A
Tuesday, March 18, 2014
THE Development Bank of the Philippines (DBP) announced that it has available windows for financing, particularly for projects relating to agribusiness for the economic development of Cagayan de Oro City and its neighboring areas.
Neogen Chaves, DBP senior assistant vice president and head, Regional Marketing Center for northern Mindanao, said that there are lots of underdeveloped investment potentials in agribusiness in Cagayan de Oro and neighboring areas that if given the financial support could spur the region's economic growth.
"DBP is here to support the city's agribusiness investment projects that we can readily make available financing amounting to P300 million or more." Chaves said.
DBP is one of the presenters in the CDO agribusiness forum at the VIP hotel here on March 20 where the bank will appraise the participants with the kind of agribusiness endeavor it is willing to finance.
One of the projected agribusiness facilities that the city hopes to establish is the food terminal market (FTM) that DBP will support through private investors.
The operation of the FTM will involve a state of the art slaughter house; cold storage facility; and the animal auction market.
"The terminal would greatly help farmers to do business without the middlemen, who rake in more profit from their produce." Chaves said.
CDO's agribusiness forum in partnership with Promote Cagayan de Oro Foundation, Inc, is a follow through activity of the city's successful business forum held in Makati last February.
The forum is also supported by the Board of Investments, the Department of Trade and Industry (DTI), and the Cagayan de Oro Chamber of commerce and Industry (Oro Chamber).
Cagayan de Oro is a partner of the United States Assistance for International Development (USAid) under the "Cities Development Initiative" program that aims to empower secondary cities as engines of growth by strengthening and enhancing their competitive advantage.
"We expect that during the agribusiness forum we will hear from the investors definitive investment plans," said Eileen San Juan, CDO's Local Economic and Investment Promotions officer.
DBP said that it is also willing to support high ticket investments, such as plantations and manufacturing that would locate in Cagayan de Oro.
Chaves said that DBP's all out support for the city and the region's economic endeavors is in line with the country's preparation for the Asean integration in 2015.
Published in the Sun.Star Cagayan de Oro newspaper on March 18, 2014.