From www.businessmirror.com.ph by Philippine News Agency
Entrepreneurs in the coffee industry are urged to tap financial programs available from public and private lenders.
In a news briefing hosted by the Philippine Coffee Board Inc. (PCBI) on Monday in Makati City, LandBank of the Philippines program officer Diosdado M. Domingo said the state-owned bank is offering a loan facility for the coffee industry called the Coffee 100 Program.
The program aims to support the growth of the local coffee industry, increase its production and enhance the quality in order to take full advantage of the demand in the market.
Domingo said LandBank’s newest financial product is offered exclusively for coffee farmers, who may be individuals, corporations, cooperatives or even local government units. The loan matures in seven years and a grace period of two years.
The LandBank is set to launch the program this month.
Also, the Peace and Equity Foundation (PEF) also helps coffee farmers hasten production and improve coffee quality through its various financial products.
PEF was created through the Caucus of Development NGO Networks to help 5C-businesses or entrepreneurs in the coffee, cacao, coconut and cane sugar sectors and on so-called climate-smart agriculture.
PEF Executive Director Roberto Calingo, in the same event, said the organization has allotted P500 million to help communities involved in the 5Cs through the Foundation for technical assistance, and another P500 million for profitable entities in the same areas through Peace and Equity Holdings.
“Our Holdings are looking for clients. What we like to do is to accelerate production and improve the quality [of our farmers] using the money that I’ve mentioned,” Calingo said.
“We’re looking for enterprises that would be served through the financing of equity or other financial product that will best suit the needs of their businesses,” he added.
He cited that the Holdings can provide P1 million up to P10 million loan for a project.
The Holdings also allocated P100 million to fund coffee projects every year.
Calingo noted that PEF targets 100,000 farmers to benefit from the fund over the next five years.
Currently, 20,000 farmers are tapping the financial programs and technical support of PEF.
PNA