LANDBANK said it extended P1.3 billion loan to Sagittarian Agricultural Philippines, Inc. (SAPI) for the construction of the company’s Isabela Feed Mill Complex, reinforcing its commitment to advancing the country’s agricultural sector.
Under the loan deal, P1.2 billion have been earmarked for the feed mill project in a 15-hectare feed mill facility in the country’s corn capital. LANDBAK also extended an additional P100 million credit line to support SAPI’s working capital needs.
The feed mill complex will be leased to Charoen Pokphand Philippines Corporation (CPFPC), a leading food and agro-industrial company and a long-standing LANDBANK client. The project is expected to increase corn prices from P1.00 to P2.00 per kilogram, benefiting an estimated 97,734 small farmers across Isabela and neighboring provinces.
“With this investment, LANDBANK reaffirms its commitment to modernizing the agricultural sector, empowering local farmers, and strengthening the country’s food security and support the agriculture value chain,” said LANDBANK President and CEO Lynette V. Ortiz.
The loan and credit line signing ceremony was led by LANDBANK Northern Luzon Lending Group Head First Vice President Eduardo N. Reyes Jr. and Northern Isabela Lending Center Head Myra Myrtha M. Padolina, alongside SAPI President and CEO Jose Avelino C. Diaz and Corporate Secretary Atty. Danver Albert R. Arzaga. Also present as witnesses were City of Ilagan Mayor Josemarie L. Diaz, Vice Mayor Kyrill S. Bello, CPFPC Vice President Suchart Panparn, Assistant Vice President Darwin Lictawa, and LANDBANK Account Officer Honeylee B. Gomez.
