Israel firm offers $100 M loan for Philippines agri modernization

MANILA, Philippines — An Israeli private firm is extending $100 million worth of loans to the Philippines to help fund the modernization of the local agriculture sector.

Israel-based Mima Tech, in partnership with consulting agency Gilan Global Ventures Corp. and local firm Yovel East Research and Development Inc., urged national government agencies and local government units to avail of the financial assistance which could be used for various processing facilities nationwide.

Yovel East president and CEO James Amparo said the firm would engage with the Department of Agriculture and LGUs.

“The loan depends on the negotiation and how big the project is. It can be paid in 10 to 15 years and with an interest of three to four percent. They can also self-liquidate since the processing facilities can earn on its own,” Amparo said in a briefing yesterday.

“This is just the initial investment of Israel in the Philippines. It can still be increased depending on the progress of the projects. We are going to put up processing facilities all around the country for rice, corn and vegetables,” he said.

The offer came after President Duterte entered into several agreements during his visit to Israel late last year.

Amparo said the Philippines has been stuck to an old school of marketing and selling crops through wet markets,  while other countries have moved to a more sustainable, efficient and export-driven global approach on agriculture.

Putting-up agri-processing and handling facilities in the provinces will help jumpstart the ideal local agricultural set-up where it becomes a supplier to the world.

“Our government should exert more effort and spearhead to build this kind of facilities in the country to boost investors’ confidence that it can be done in the country,” he said.

Apart from the loan facilities, Yovel East will also help develop inclusive ways of farming and in establishing a system that will address management and technology problems, and in buying and marketing products.