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Veggie contract growers financing inked

March 18, 2010

March 17, 2010, 4:18pm

The Land Bank of the Philippines (Landbank) and agribusiness firm AgriNurture, Inc. (ANI) recently signed an agreement to provide credit assistance to vegetable contract growers in the country.

Under the agreement, Landbank will make funds available to qualified conduits for re-lending to farmers engaged in vegetable and fruits production. AgriNurture, meanwhile, will act as the collection agent for the borrowers’ loan with the bank and will provide them with free technical assistance on various agricultural matters, such as farm management, new planting techniques and methods, field validation, and harvesting and postharvest technology.

In addition, the agreement provides a supply and purchase agreement between ANI and the qualified organizations of growers wherein all the produce shall be exclusively delivered to the company.

The agreement aims to address ANI’s need for additional supply for its export market while bridging the gap between farmers and credit financing and is in line with Landbank’s thrust to help improve the livelihood of farmers and prop up the country’s food supply.

“We at Landbank welcome this partnership with ANI as it will benefit the vegetable industry in particular and the agricultural sector at large. Through this partnership, we are optimistic that we could contribute to the efforts of industry players toward ensuring the sustainability of the vegetable industry,” said Landband president and CEO Gilda E. Pico.

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