DBP Grants Loan to Boost Coco Sugar, Banana Flour ExportsThursday, January 21, 2021
State owned Development Bank of the Philippines (DBP) has granted a PHP645-million loan to Hijo Superfoods, Inc (HSI) for the establishment and expansion of its coconut sugar and banana flour manufacturing facilities, according to a Philippine News Agency report on January 7. DBP president and chief executive officer Emmanuel Herbosa said the bank’s credit to support to “Project Honeycomb” of HSI, a start-up unit of Hijo Resources Group, would boost the production of its export products and provide continued livelihood to local farmers and suppliers. Project Honeycomb involves the manufacture of banana flour and coconut sugar which HSI has been producing since 2010.
DBP senior vice president for southern and western Mindanao lending group Ana Marie Veloso said the project assures a more sustainable livelihood for local coconut farmers amid fluctuating prices of copra in the international market. Veloso said HSI is eyeing to ship the sugar products to the export markets, with the company expecting to earn more than USD10 million in gross revenues.