Here’s what awaits newly appointed Dart, Udart chiefs

Dar es Salaam. The new leadership at Dar es Salaam Rapid Transit (Dart) and Usafiri Dar es Salaam Rapid Transit (Udart) faces one of the toughest assignments in public service: restoring confidence in the city’s long-troubled bus rapid transit (BRT) system.

President Samia Suluhu Hassan yesterday dissolved the boards of both Dart and Udart, ushering in new leadership to address growing dissatisfaction with a project once hailed as a model for Africa. A statement issued by Chief Secretary Moses Kusiluka confirmed the appointments.

Mr David Kafulila, who also serves as Executive Director of the PublicPrivate Partnership (PPP) Unit, has been named chairman of the Dart board, while Dr Ramadhan Dau will chair the Udart board. In parallel, the President appointed new chief executives to steer the agencies.

Mr Said Tunda is the new Dart Director General, while Mr Pius Ng’ingo has been named Director General of Udart, which operates Phase One of the system. They replace Dr Athuman Kihamia and Mr Waziri Kindamba, respectively.

No official reasons were given for their removal. The shake-up comes amid mounting public frustration.

Just a day earlier, passengers travelling from Gerezani to Kimara broke into protest songs on board a BRT bus, highlighting widespread anger over worsening services. Launched in 2016 with high expectations, the BRT was supposed to reduce congestion and transform commuting in Dar es Salaam.

Instead, the system is now plagued by long queues, overcrowding, irregular timetables and poorly maintained infrastructure. Residents have repeatedly urged the government to act, especially as Phase Two–intended to connect Mbagala to Gerezani–remains stalled.

Although the service was due to start on September 1, operations have yet to commence. This has fuelled scepticism, with commuters openly questioning whether the project can ever deliver on its promises.

To address the delays, the government enlisted private partners. Mofat Company, for instance, has imported nearly 100 buses intended for the new corridor.

Yet, the buses are not in use on the MbagalaGerezani route. Instead, some were spotted on the Morogoro Road corridor, raising fresh concerns about misallocation of resources and further confusion among commuters.

The deeper challenge lies in systemic inefficiencies. Since its inception, the BRT has struggled with leadership instability, shifting timelines and a lack of operational discipline.

Each leadership change has been billed as the solution, but the core issues–such as fleet shortages, financial sustainability and accountability for past investments–remain unresolved. Unanswered questions continue to hover over the project.

For instance, what became of the nearly 200 buses originally introduced by UDA Rapid Transit nearly a decade ago? Did they generate the projected financial returns? If so, why has it been difficult to replace them? These issues point to deeper operational and governance shortcomings that the new leaders must urgently confront. Adding to their burden is the need to balance public expectations with political and commercial interests.

Those recently dismissed had themselves been appointed only months earlier, a sign of the revolving-door leadership that has stifled continuity. The constant reshuffling has also fuelled speculation about competing agendas within the transport sector.

For Mr Tunda and Mr Ng’ingo, the immediate task will be to instil discipline in operations and rebuild commuter trust. Phase Two must be launched without further delay, while Phase One urgently requires improvements to service quality, fleet capacity and maintenance.

They must also manage complex stakeholder interests. Dart, as the regulator and Udart, as the operator, have often been accused of working at cross-purposes rather than complementing each other.

Aligning their roles will be critical if the BRT is to function effectively and sustainably. Meanwhile, commuters–who endure the long queues and overcrowded buses daily–will be watching closely.

The public mood is increasingly impatient, with many feeling that the BRT has fallen far short of its original vision. The leadership overhaul signals the government’s recognition that business as usual cannot continue.

Whether the new bosses can finally turn around Dar es Salaam’s flagship transport project remains to be seen. What is certain is that they inherit not just institutions, but also the weight of public expectation and the political urgency of delivering visible results.

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DOT: Widespread tourism disruption in Central Visayas after quake

The Department of Tourism (DOT) confirmed widespread disruption in Central Visayas’ tourism sector following the magnitude 6.9 earthquake on September 30, affecting more than 700 workers and forcing the closure of dozens of heritage sites, resorts, and cultural institutions.

In its Public Advisory No. 2, the DOT reported that at least 711 tourism workers-from hotels, resorts, restaurants, travel agencies, and transport services-have seen their employment and income disrupted.

Eighty tourism establishments were directly affected, with damage ranging from minor cracks to total collapse.

Among the hardest-hit sites is the Archdiocesan Shrine of Santa Rosa de Lima in Daanbantayan, which suffered 70 to 80 percent structural loss. San Isidro Labrador Church in Tabogon collapsed at the façade and roof, while Sts. Peter and Paul Parish in Bantayan sustained partial damage to its heritage structure. San Francisco de Asis Parish in Balamban reported cracks and fallen statues.

In San Remigio, the Capelinha de Fatima Replica was severely damaged, while San Juan Nepomuceno Parish recorded ceiling damage, wall cracks, and fallen images. San Ignacio de Loyola Church in Medellin reported a full ceiling collapse. The Ala Mercedes Golf Course was rendered inoperable, and the Medellin Tourist Rest Area sustained roof and wall damage, including an A/C collapse.

In Bantayan Island, the Bontay Walk in Madridejos was closed due to damaged footbricks.

In Cebu City, cultural institutions including Museo Sugbo, Casa Gorordo, the Kabilin Center, the National Museum of the Philippines-Cebu, and the Yap-Sandiego Ancestral House suspended operations pending inspection.

In Bohol, Hinagdanan Cave and the National Museum-Tagbilaran have been closed for safety assessment.

Accommodation facilities were also affected. Nustar in Cebu City reported severe damage, including a collapsed canopy and wall breaches, prompting the evacuation of 337 guests. Bayfront Hotel Cebu – North Reclamation sustained partial floor damage from the sixth to tenth floors. Radisson Blu reported hairline cracks in its ballroom and lobby, though guest rooms remained unaffected.

In northern Cebu, several resorts in San Remigio-including Pofer Beach Resort, Maayo San Remigio, Siete Beach Resort, Hagnaya Beach Resort, Orongan Beach Resort, and Sonrisa de Playa-ceased operations due to moderate to severe damage. San Remigio Beach Club remains under inspection. Ogtong Cave Resort in Bantayan was also closed due to rockfalls. In Bogo and Medellin, Northhomes Pensione and Woody’s Beach Resort were shuttered due to structural damage.

DOT-7 has deployed field teams to assist affected establishments and distribute medical kits and drinking water.

Of the 15 tourists initially reported stranded, eight were relocated to Cebu City, while six chose to remain in Bantayan Island until ferry services resume. One foreign guest in Bogo City is receiving direct assistance from DOT personnel.

In the Negros Island Region, light to moderate shaking was recorded in several towns, with the strongest tremors felt in Murcia, Negros Occidental. Minor incidents such as fallen objects and cracked plaster were noted. In Siquijor, coastal towns including Larena, San Juan, and Lazi reported Intensity III to IV tremors.

The DOT said it continues to coordinate with LGUs, disaster response teams, and tourism stakeholders to ensure traveler safety and expedite restoration efforts.

Samia for faster progress in Arusha, Sh3tr already spent

Arusha. President Samia Suluhu Hassan Samia Suluhu Hassan yesterday pledged accelerated devel-opment for Arusha Region, revealing that her administration had already channelled Sh3.097 trillion into the region over the past fourand- a-half years.

Addressing a rally in Arusha,President Hassan, who is also the CCM Union presidential candidate, said the government had invested in infrastructure, health, education, water, agriculture, trade and mining and promised to continue expanding opportu-nities if re-elected. On roads, she announced that construction of the 23-kilometre Mto wa MbuSelela road in Monduli was in the pipeline, while feasibility studies for the 27-kilometre SelelaEngaruka stretch had been completed.

Plans for the 24-kilometre EngarukaNgarenaro road were also under way, alongside a 10-kilometre access road to hotels in Karatu. She pledged the modernisation of the Namanga One Stop Border Post to ease cross-border trade.

Within Arusha City, she said 10.2 kilo-metres of tarmac roads would be built in Oljoro, Engosheraton and Olasiti under the Safe Cities pro-ject. On health, President Hassan said referral and district hospitals had been upgraded with modern diagnostic and treatment facilities.

Mount Meru Hospital now had advanced equipment, while Kiliman-jaro Christian Medical Centre (KCMC) was being strengthened to handle cancer and heart conditions, reducing referrals to Dar es Salaam. On education, she said Sh1.267 billion had been invested through Parliament’s approval to support free education, classroom construction and vocational centres.

The government planned to establish colleges and training institutions in every district and universities in each region. “We want our young people to gain skills to participate in projects such as the standard gauge railway and energy development,” she said.

Turning to economic empowerment, she cited the construction of Mnadani Market in Arusha and other markets in Morogoro, Kilombero and Dodoma. In Arusha alone, 1,823 groups had benefited from Sh10.8 million in municipal loans for youth, women and people with disabilities.

She pledged a new Sh200 million fund to support small traders. On mining, the CCM candidate noted that the sector’s contribution to GDP had risen from 4.

8 to 10 percent last year, with a target of 25 percent by 2025. She said only 16 percent of Tanzania’s mineral resources had been surveyed, but this was expected to rise to 20 percent in the next five years, benefiting small-scale miners and rural youth. She also touched on the floriculture industry, naming farms such as Kiliflora, Usa River, Arusha Blooms and Ngorongoro and said experts had been tasked with safeguarding the sector’s growth.

Land had also been set aside for housing development to match the city’s expansion. “We have already invested Sh3.097 trillion in Arusha.

These projects show what we can achieve. If you give us your votes, we will be able to do even more,” she told cheering supporters.

CCM Arusha Urban parliamentary candidate Paul Makonda told the rally that residents were living testimony to President Hassan’s achievements. “From improved Nroads and hospitals to better schools and thriving business-es, Arusha has seen transformation under her leadership,” he said.

Mr Makonda, who previously served as Arusha Regional Commissioner, said he had directly implemented the President’s vision and assured voters that her current pledges would also be delivered. CCM retired Vice-Chairman and for-mer Arusha Urban MP Abdulrahman Kinana praised President Hassan’s leadership, saying she had suc-cessfully implemented three sets of commitments those of the party, of the late President John Magufuli and her own.

“She has done it with wisdom and calm leadership. Results are visible in every district and constituency.

The CCM manifesto is 98 percent implemented and her campaign promises fulfilled in full,” he said. Mr Kinana urged Tanzanians to back President Hassan and CCM in the polls.

“She has served with dedication and put the interests of Tanzanians first. That is why I ask you to vote for her and to support CCM parliamentary and councillorship candidates,” he said.

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Maynilad drops IPO price by 25% due to weak demand

Maynilad Water Services [MYNLD pre-IPO] [link] reduced the maximum price for its initial public offering to P15 per share, from P20 previously, after securing commitments from two cornerstone investors: the International Finance Corp. (IFC) of the World Bank Group and the Asian Development Bank (ADB). The adjustment trimmed the value of MYNLD’s maiden share sale to P34.33 billion, from P45.8 billion before. Ramoncito Fernandez, company president, said IFC and ADB pledged to invest up to $245 million combined at as much as P15 per share. Fernandez added there were other cornerstone investors but declined to give details. MYNLD, which pushed back its target listing date to ‘not later than’ Nov. 7, 2025 from 31 Oct. 31, 2025, will announce its final offer price on Oct. 20, 2025.

MB bottom-line: IFC and ADB have an appetite for infrastructure plays that is not turned off by the sour taste of political risk. They aren’t on a three-to-seven year private equity timeline to deliver results. They’re not (generally) accountable to limited partners in the way that a private fund would be if a ‘prestige’ investment like this went back and lost the fund money. This price drop affirms my suspicion that market players are looking at this as a potentially ‘heavy’ offering. Bad timing (the market sucks, government is distracted). Weak story (it’s limping to market in order to comply with its concession agreement). I guess the silver lining is that MYNLD could pick up the Villar Family’s bulk water assets, but their recent quotes in response to that opportunity didn’t inspire confidence in MYNLD’s strategic approach to post-IPO growth. MYNLD might be a good investment for some under certain circumstances, but given what I know, I’m just not impressed with the risk/reward of what’s on offer, even at the new price.

CRDB Bank secures record $200m loan as global lenders oversubscribe facility

Dar es Salaam. CRDB Bank has raised $200 million in its latest syndicated loan facility after international lenders committed a record $567 million, more than double the targeted amount.

The strong demand underscores growing global confidence in one of Tanzania’s largest s and the East African economy. The loan CRDB’s fourth since 2022 was co-arranged by Investec Bank and Intesa Sanpaolo.

Initially structured as a two-year $100 million facility, it was upsized to $200 million following overwhelming interest from investors. “As a sign of continued market confidence in CRDB Bank and the future potential of the East African economy, the syndicated term loan facility was again oversubscribed,” said Marc Kohne, Head of Africa Leveraged Finance at Investec Corporate and Institutional Banking.

According to the arrangers, commitments reached $416.5 million for the one-year tranche and $151 million for the two-year tranche, marking the highest uptake since the syndication programme began. Investor appetite has grown steadily over four years: commitments rose from $130 million in 2022, to $202 million in 2023, and $247 million in 2024, culminating in this year’s record figure.

“The lender pool has expanded from 13 institutions in 2022 to 30 in 2025, including new entrants from South Africa and Nigeria’s Africa Finance Corporation,” noted Rowan King, Investec’s Head of Africa Business Development. Boost for regional growth CRDB Bank Group CEO Abdulmajid Nsekela said the oversubscription highlights confidence in both the bank and Africa’s long-term growth prospects.

“The consistent oversubscription of our funding rounds reflects the world’s growing confidence in Africa’s economic future. The record $567 million bid highlights Africa’s rising status as a destination for sustainable growth and opportunity, with CRDB Bank proud to play its part in unlocking this potential,” he said.

The $200 million loan will provide working capital for CRDB’s corporate and SME lending portfolios in Tanzania and Burundi, including project and infrastructure finance linked to the commodities sector. Nsekela added that Moody’s recent B1 rating with a stable outlook reinforced lender confidence and strengthened CRDB’s position among Africa’s top financial institutions.

Intesa Sanpaolo’s Gustaaf Eerenstein praised the facility as “a positive reflection on Tanzania” and a testament to CRDB’s strong track record. Since its first syndication in 2022, CRDB has steadily grown facility sizes from $130 million to $200 million, representing a compound annual growth rate of 15.44 percent.

Founded in 1996 and listed on the Dar es Salaam Stock Exchange in 2009, CRDB Bank today holds assets worth over $5 billion. It operates in Tanzania, Burundi, and the Democratic Republic of Congo, and also runs CRDB Insurance and the CRDB Bank Foundation .

Matimco House of Wood showroom opens in BGC

The opening of the Matimco House of Wood showroom at Bonifacio Global City’s Uptown Palazzo in Taguig marks a new milestone in the company’s journey.

More than just a store, it is an immersive destination where Filipinos can experience the artistry, innovation, and versatility of Matimco’s wood solutions.

The House of Wood embodies Matimco’s commitment to delivering a refreshed and elevated wood experience – one that inspires creativity and allows homeowners to visualize how wood can transform every corner of their home.

At the grand opening, the company also unveils its newest brand innovation: MasterCraft Cabinetry – a premier line of customized modular cabinetry that brings world-class craftsmanship into modern Filipino homes.

MasterCraft elevates cabinetry with a blend of timeless design, precision engineering, and advanced European technology. Through its partnership with one of the world’s largest cabinet manufacturers, MasterCraft ensures unmatched quality, structural integrity and refined detail in every product.

From kitchens and wardrobes to vanities, doors, windows, countertops, wall panels, and furniture, MasterCraft Cabinetry transforms every corner of the home into a space that is masterfully designed and enduringly crafted.

The House of Wood Grand Opening is more than a showroom launch, it represents Matimco’s continuing evolution as a leader in wood innovation.

The unveiling of MasterCraft Cabinetry completes the company’s vision of providing total home solutions where every detail, from floors to doors to cabinetry, is crafted with precision and excellence.

MasterCraft will also be unveiled in Matimco’s flagship Mandaue Showroom in Cebu later this month – a much-anticipated expansion that will bring this innovation closer to more Filipino families.

Protect our children: NGOs warn of election risks ahead of October 29

Dar es Salaam. With the October 29 General Election fast approaching, advocacy groups have raised concerns that while elections are meant to strengthen national unity, they too often put the country’s youngest citizens at grave risk, prompting an urgent call for their protection.

In a joint press statement issued on Friday, October 2, 2025, the groups said children must not be left as silent victims of politics. My Legacy Programme Coordinator, Ms Amina Ally, who read the statement on behalf of the National Safe School Coalition (NSSC), a network of 20 civil society organisations, said children’s safety, dignity, and best interests must remain a non-negotiable priority before, during, and after the polls.

The appeal, signed by groups including HakiElimu, Save the Children, TAMWA, and TEN/MET, underscores a pressing reality. Children in Tanzania, defined under the Law of the Child Act 2009 and the Children’s Act No.

6 of 2011 (Zanzibar) as all persons under 18, are among the most vulnerable during politically charged times. The caution comes with a dark historical backdrop.

Previous election cycles have been marred by violence, and in the mid-2000s, children with albinism were killed in brutal attacks linked to witchcraft beliefs that escalated during campaigns. Although Tanzania has since made progress in combating such atrocities, the memory remains raw.

“We cannot afford to repeat history. Every child lost to superstition or violence is a national failure,” warned Ms Ally.

Human rights data highlights the scale of risk. According to the Tanzania Human Rights Defenders Coalition, at least 76 children with albinism were killed between 2006 and 2015, with dozens more surviving mutilation.

While security measures have curbed the attacks in recent years, election periods remain “red zones” for potential resurgence. During polls, parents and guardians are often preoccupied with campaigns and voting, leaving children unattended.

Large gatherings and rallies can quickly turn volatile, exposing minors to danger. Some children are exploited by being mobilised for political activities, in direct violation of the Child Act.

Others suffer psychological trauma after witnessing unrest. Commenting on the development, veteran gender and child rights advocate Dr Ruth Kuhenga said the risk is real.

“The heightened political tension can create unsafe environments where children are either neglected or deliberately targeted. Communities, media, and political actors must be vigilant,” she said.

A call for action As Tanzania prepares for the October 29 General Election, a coalition of civil society groups has urged all sectors of society to safeguard children. The coalition calls on civil society to integrate child rights into voter education, document violations, and offer psychosocial support.

Media must amplify children’s voices while avoiding harmful reporting that could incite violence. Political parties and candidates should keep children away from campaign activities and adopt manifestos addressing education, health, and protection, said Ms Ally, adding that parents and communities must remain vigilant at polling stations and rallies.

Government authorities, the coalition reminded, are legally bound by the UN Convention on the Rights of the Child and the African Charter on the Rights and Welfare of the Child to protect children. “Elections should embed child safeguarding measures,” said a child rights expert, Mr Edwin Sungura.

UNICEF Tanzania emphasises that the move was vital for the future of the country’s democracy. .

US Senate reso reaffirms MDT with the Philippines, condemns China’s aggression

A bipartisan group of United States senators has filed a resolution recognizing the 74th anniversary of the Mutual Defense Treaty with the Philippines and condemning China’s recent actions in the West Philippine Sea, including its repeated harassment of Coast Guard vessels.

Senate Resolution 409, introduced on September 18 by Sen. Pete Ricketts of Nebraska with 11 co-sponsors from both parties, condemned what it called Beijing’s ‘unprovoked aggression and political lawfare’ and reaffirmed that the MDT covers attacks against Philippine forces, vessels, and aircraft ‘anywhere in the South China Sea.’

The resolution points to a string of incidents in 2024 and 2025 that show China’s increasing assertiveness. This includes the incident in April this year where the Chinese Coast Guard temporarily deployed on Sandy Cay – an unoccupied reef just two miles from Pag-asa Island, the Philippines’ largest outpost in the Spratlys – and planted a Chinese flag.

Mentioned as well in the resolution is the August 11 incident near Scarborough Shoal where a China Coast Guard ship executed a dangerous maneuver and collided with a Chinese Navy vessel as both moved to block and harass a Philippine Coast Guard ship on a humanitarian mission.

In its text, the Senate measure also condemned China’s repeated use of water cannons, blockades and ‘military-grade lasers’ to obstruct Philippine resupply missions at Ayungin Shoal – a familiar tactic in 2023 before both sides signed a deal to de-escalate – and rejected Beijing’s proposed ‘national nature reserve’ at Scarborough Reef as coercive and destabilizing.

The resolution urges the White House to ‘take appropriate and necessary actions’ to counter Chinese escalation and commits the United States to expand joint patrols, training, cyber operations and support for Philippine defense modernization.

It also calls for greater cooperation with Japan, South Korea, and Australia to strengthen deterrence and uphold freedom of navigation in the region.

The Philippines and the US signed the MDT in 1951, establishing that both countries would consult and act in case of external armed attack in the Pacific.

It serves as the foundation for subsequent defense agreements, including the Enhanced Defense Cooperation Agreement (EDCA), which Manila expanded in 2023 to allow the creation of four new sites.

The Senate resolution follows a year of close cooperation between the Philippines and the US on security and defense. In May, Balikatan 2025 featured the first deployment of the US Navy-Marine Expeditionary Ship Interdiction System (NMESIS) in the Philippines. In March, US Defense Secretary Pete Hegseth visited Manila on his first Indo-Pacific trip and pledged stronger support for the Philippines’ defense industry.

How Sh4.15trn projects will end water supply problems

Dar es Salaam. When President Samia Suluhu Hassan pledged to “remove the water bucket from the woman’s head,” her words signalled a shift in Tanzania’s water policy.

That vision is now materialising, with the government investing heavily in water supply through more than 100 projects nationwide. Among them are 25 strategic schemes worth S.

15 trillion, designed to permanently address water scarcity in both urban and rural communities, according to data from the Ministry of Water. From Arusha to Mtwara, Tabora to Kigoma, Dodoma to Dar es Salaam, the projects are easing the burden of water collection, long carried by women and children.

The Arusha Water Supply Project, costing Sh520 billion, benefits about 850,000 residents by producing 200 million litres daily. Completion will see urban water access rise to 91.6 percent, while rural coverage reaches 83 percent.

The government aims for 95 percent urban and 85 percent rural access by 2030. In Kilimanjaro and Tanga, the SameMwangaKorogwe Project worth S06 billion serves 300,000 residents with 51.65 million litres daily. The Kidunda Dam in Morogoro (Sh335 billion) will serve 6.

77 million people by storing 190 billion litres and stabilising Ruvu River flows, reinforcing supply to Dar es Salaam and Coast Region. The TaboraNzegaIgungaSingida Project (Sh602 billion) will benefit 1.

2 million people with 54.1 million litres daily. Other schemes include the Bunda Project (Sh29.5 billion), supplying 15 million litres daily to 320,000 residents, and the KintinkuLusilile Project (Sh13 billion), supplying 6.

5 million litres daily to 55,000 people in Singida. Phase I of the Lake VictoriaDodomaSingida Project (Sh326 billion) targets 1.

5 million residents with 200 million litres daily. In Mara, the MgangoKiabakariButiama Project (Sh70.9 billion) covers 13 villages, producing 2 million litres daily.

The Chalinze Phase III Project, funded by India at Sh96 billion, is 96 percent complete. “It serves over 200,000 residents in Chalinze, Handeni and parts of Morogoro, expanding daily output from 500,000 litres to 2 million litres,” reads the statement from the Ministry.

In southern Tanzania, Mtwara projects (Sh87 billion) will supply 40 million litres daily to 600,000 residents, while the RuangwaNachingwea Project in Lindi (Sh119 billion) will serve 200,000 residents with 15 million litres daily, addressing saline water challenges. Urban demand is also being prioritised.

The Kigamboni Phase II Project (Sh65 billion) will serve 250,000 residents with 20 million litres daily through seven deep wells, a 15-million-litre storage tank and a 20-km distribution network. The Butimba Project in Mwanza, valued at Sh71 billion, will supply 48 million litres daily to 450,000 residents by 2025, supported by AFD, the EIB and the EU-Africa Infrastructure Trust Fund.

Other urban schemes include Chamwino (Sh13.5 billion), Nanyumbu (Sh80 billion), Kigoma (S2 billion), Chato (Sh65 billion), Makambako (S2 billion) and Singida (S5 billion), with production ranging from 3 to 15 million litres daily. Some projects incorporate climate-resilient designs.

The Simiyu Resilience Project (Sh500 billion) will serve 495,000 residents plus 2.5 million dependents, producing 30 million litres daily.

In Morogoro, a Sh185 billion project upgrades Mindu Dam and builds a new treatment plant at Mafiga, boosting production to 89 million litres daily. .

SEC urges agribusinesses to tap capital market

The Securities and Exchange Commission (SEC) is urging agribusinesses to tap the capital market for their funding needs, as the process for securities registration for the industry has been streamlined by the commission.

Corporations engaged in agribusiness are encouraged by the SEC to avail themselves of the Securing and Expanding Capital for Farms and Agribusiness Related Modernization Schemes (SEC FARMS) program which eases securities registration for the industry.

Under SEC FARMS, the SEC is required to review the registration statements of agribusiness firms within 28 days from the filing date, subject to the commission’s guidelines.

Through the scheme, agribusinesses may raise up to P500 million in funds per project.

‘We know that agriculture is the backbone of our economy – it feeds our people and sustains millions of families. Yet farmers and agribusinesses have often been left with little water to grow – the water here being capital or financing,’ SEC chairperson Francis Lim said.

‘SEC FARMS is our way of irrigating that field, making sure resources reach those who need them most so you can modernize, expand and thrive,’ he said.

SEC FARMs was enacted through SEC Memorandum Circular 8, Series of 2023, easing the registration process for the securities of agri-businesses in a bid to boost investor participation and drive growth in the industry.

‘Think of SEC FARMS as a new set of farming

tools – lighter, sharper and more efficient. With the right tools, your hard work will yield bigger harvests, not just for your families but for the whole nation,’ Lim said.

‘We are only at the start of this journey, but with your participation, I believe SEC FARMS can make Philippine agriculture more productive, competitive and sustainable,’ he said.