The government is looking to tap up to $1 billion in funding for the development of the country’s bamboo and livestock sectors, the Department of Agriculture (DA) said.
Agriculture assistant secretary and spokesperson Arnel de Mesa said the DA is seeking a $300 million to $500 million official development assistance (ODA) mainly from the Asian Development Bank (ADB).
‘We are still in the conceptual preparation stage, ADB and other banks are willing to finance because there is a lot of potential, specifically of engineered bamboo,’ he told reporters.
De Mesa added that a five- to six-month feasibility study would be conducted and completed within the first or second half of next year. The DA has not yet submitted a proposal to the ADB, but several meetings have already been convened.
The agency is also seeking another $300 million to $500 million loan from the Export-Import Bank of Korea to support the country’s livestock sector through the Livestock Infrastructure Modernization and Enhancement Program.
‘It’s also still in the conceptual preparation stage, we need a full-blown project feasibility study. There are a lot of infrastructure requirements for livestock that need to be done,’ De Mesa said.
The DA targets to increase bamboo production by 9,100 metric tons through the use of tissue cultured planting materials, inorganic fertilizers, farming tools, tractor, processing equipment and curing facility in a 100-hectare plantation.
De Mesa said funding would enable the development of engineered bamboo, typically used by the construction industry. The agency plans to put up the facility in Bukidnon.
‘There is a lot of potential there, there are a lot of companies that started there,’ De Mesa added.
He said the country would likely compete with China, one of the top exporters of engineered bamboo.
‘We have a lot of production, especially the giant bamboo. It can be used for soil erosion, for reforestation, plus a very huge potential for investment and profit for our farmers,’ he added.