ONB temporarily stops financing coconut, palm oil projects in Mindanao

Subscribe Now June 21, 2013 at 10:57am

The One Network Bank (ONB) has temporarily stopped providing credit assistance to farmers engaged in coconut and palm oil development in Mindanao until December this year.

ONB president and CEO Alex Buenaventura made the statement in view of the unfavorable weather pattern facing Mindanao since typhoons Sendong in December 2011 and super typhoon Pablo in December 2012.

Buenaventura said coconut and palm oil have proven to be among Mindanao’s top high value export crops.

Nevertheless, with the change of Mindanao’s weather condition from typhoon-free to not-typhoon-free nowadays, it would be too risky to finance such crops, Buenaventura said.

“We have frozen our expansion of financing these crops until December because we don’t want to finance crops only to be blown by typhoon,” Buenaventura said.

He lamented that Mindanao, which was once tagged as typhoon-free, is no longer such.

Buenaventura, however, clarified ONB’s stand is only temporary.

Source: balita.ph

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