2 firms to expand abaca production

THE REGIONAL office of the National Economic and Development (NEDA) said two enterprises will apply for a loan with the Land Bank of the Philippines for “additional capitalization” to expand their abaca businesses.

In a statement, NEDA said each company “shall be pursuing loan applications amounting to P5 million each.” The companies, LRM Fiber and Narvim Store, are private sector proponents in the region’s abaca industry cluster, a priority industry cluster of government.

The plan to borrow stemmed after the conduct of financing forum on April 22 at the Ritz Hotel.

The NEDA with its partner government agencies and industry stakeholders under the Regional Development Council (RDC) identified abaca as among the priority industries along with banana, mango, coconut, livestock and poultry, tourism, seaweeds, Bangus, mining, wood, information and communication technology, durian, rubber, rice, cacao, oil palm and renewable energy.

Recently, RDC XI launched the Davao Region Industry Clusters Roadmap for the period 2014-2030. The clusters were created pursuant to the implementation of the Updated Davao Regional Development Plan for 2014-2016.

Based on the Updated Regional Development Plan for 2014-2016, “the industry clustering strategy shall be the region’s development platform, particularly in the promotion of exports, generation of jobs and development of agro-industrialization through increased manufacturing activities.”

NEDA XI regional director Maria Lourdes D. Lim, vice-chair of RDC XI, said in a statement that the Davao Region Industry Clusters Roadmap is the region’s blueprint for agri-industrialization and service sectors’ competitiveness.

The priority projects, she said, will be funded by the private sector, national government, official development assistance and local government units.

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