October 10, 2024 | 12:00am
MANILA, Philippines — State-run Land Bank of the Philippines has partnered with two agriculture firms to enhance modernization in the local farm sector.
In a statement, Landbank said it inked separate agreements with KITA Agritech Corp. and TAO Foods Company Inc. to empower small farmers with increased access to financial services and opportunities for modernization.
Under the partnership, the two agri firms will provide necessary production, technical and marketing assistance to partner farmers and farmer organizations.
Specifically, KITA Agritech will introduce the Digital Trading Post which aims to improve inventory management and reduce operational farming costs associated with natural disasters and calamities.
TAO Foods, on the other hand, will introduce the Rice to Rise Program which aims to supply farmers with 100 percent locally-produced hybrid rice seeds to increase yield and improve productivity and profitability.
For its part, Landbank will extend to eligible partners endorsed by the two companies the Agrisenso Lending Program, which provides affordable financing to small farmers, agrarian reform beneficiaries and and the whole agriculture value chain.
The program, which was launched this year, has supported 1,671 borrowers nationwide with a total of P264.9 million in approved loans as of end-August.
The partnership targets to empower farmers to navigate market and environmental challenges through innovative technologies and sustainable practices.
Landbank president and CEO Lynette Ortiz said the bank aims to advance modern agriculture while driving sustainable growth and strengthening the country’s food supply chain.
“We are focused on ensuring that more farmers are empowered with the tools and resources needed for them to thrive, increase productivity and contribute to national food security,” Ortiz said.
Founded in February 2022, KITA Agritech is one of the fastest-growing agritech startups in the Philippines that helps Filipino farmers become more sustainable by leveraging technology to optimize operations, reduce costs and increase productivity.
TAO Foods, on the other hand, produces hybrid rice seeds and processed meat products and focuses on sustainable farming and modern seed technology to enhance farmers’ profitability and ability to contribute to national food security.
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