The Land Bank of the Philippines has extended a P224 million loan to the T’Boli Farm Growers Multi-Purpose Cooperative (TFGMPC) in South Cotabato to further expand the cooperative’s production of pineapples and pineapple fiber.
The bulk or P180 million will augment the cooperative’s working capital and the procurement of farm inputs and other costs to boost production.
Some P34 million will be used to acquire farm machinery and post-harvest facilities for hauling and land preparation such as tractors, service vehicles, trucks and a backhoe loader.
The remaining P10 million will be used to increase pineapple fiber production for export to the United Kingdom used in the manufacture of pineapple leather for shoes, bags and accessories.
“Land Bank continues to intensify its lending support to the agriculture sector, especially farmers in the Mindanao region. Land Bank is committed to deliver timely and responsive support to expand their operations and boost their production and income,” said Cecilia Borromeo, Land Bank president and CEO.
The lender has partnered with TFGMPC and its 991 farmer-members operating 1,041 hectares of farmland in the municipalities of T’boli, Surallah, Lake Sebu and Banga for 28 years.
TFGMPC started in 1993 with only 17 members.
