The Land Bank of the Philippines has granted a P15-million loan to the Negros Island Sustainable Agriculture and Rural Development Foundation for the importation of 1,200 heads of 250-kilo weaners from Northern Territories, Australia.

LandBank announced that the amount represents 53 percent of the landed cost of cattle. NISARD Foundation will shoulder the counterpart marginal deposit of P13.35 million.

NISARD Foundation was formed by the two Negros provinces through a grant of P10 million each to promote growth of secondary industries, including livestock and organize farming, which are ancillary to the sugar industry.

The cattle will be dispersed to selected raisers/recipients in both provinces who have a good track record in cattle raising, existing holding yards and Napier grass plantation, LandBank said.

The raisers will hold the cattle for 340 days to reach the 480-kilogram target weight using "backgrounding technology" provided by the Australian experts. The NISARD Foundation will be the sole marketing arm for live cattle with identified local market.

LandBank said the shipment is the second from Australia after the first in 2003, of 1,017 heads, that it also partly funded.

The innovative financing scheme will pave the way for NISARD Foundation to act as an offshore manager to supervise succeeding shipment for free under the Managed Investment Scheme pending approved by the Australian Tax Office, it added.*

back to top