A Philippine bank pitched in to help improve the earnings of onion farmers in Nueva Ecija. By financing a cold storage facility, farmers can now harvest their produce without worrying about their crops going to waste. [GMABrandTalk] [LBP_Official]
November 21, 2022 2:53pm
The storage facility is owned and managed by the Argo Cold Storage, a subsidiary of Argo International Forwarders, Inc. , and can accommodate up to 450,000 bags of onions. Farmers from Nueva Ecija and neighboring provinces benefit the most from Argo Cold Storage’s services, which help prolong the shelf life of onion produce and reduces post-harvest losses due to insect infestation.
On top of helping onion farmers, Argo Cold Storage and AIFI contribute to local job generation by employing more than 120 regular workers, porters and sorters, to facilitate the end-to-end operations of the cold storage facility. Under the Program, small farmers may borrow up to 90% of the total project cost for a production loan, while a maximum of 80% may be borrowed by small and medium enterprises , cooperatives, farmers’ associations and organizations, large agribusiness enterprises and corporations, non-government organizations , and countryside financial institutions .
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