by Romblon News | Wednesday, 02 March 2016
State-run Development Bank of the Philippines (DBP) has granted a PHP 10 million ($210,000) term loan to finance an aquaculture project in Sibuyan Island, BusinessWorld reports.
In a statement, DBP said it granted the loan to Kauswagan Sang Isla Sibuyan Enterprise to finance the development of a 1.2-hectare aquaculture project for the production of grouper fingerlings.
“As the first modern aquaculture project in Sibuyan Island, the project is expected to spur the development of ancillary industries including ice plant and cold storage, packing, transport, and banking services in the island,” the state-run bank said.
“It is also expected to boost the aquaculture industry in the region.”
The project will be located in the municipality of Cajidiocan, Sibuyan Island in Romblon, and will produce grouper fingerlings using “fixed cages in pond” technology for appropriate management and control.
It is expected to produce 750,000 grouper fingerlings per year, to be sold to grouper growers in the provinces of Quezon, Pangasinan, and Zambales.
The bank’s priority areas in lending include infrastructure and logistics, social services, protection of the environment, as well as micro, small and medium enterprises.
The DBP’s net income grew 19% to PHP 2.3 billion in the first half from the same period last year on the back of the continued expansion of its main businesses.
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