Seaweed Producers Seek Substantial Funding

"With the increase in the cost of seaweed farm inputs, farmers are in dire need [of financial support]," said Hadji Adam S. Omar, chairman of the Western Mindanao Seaweed Foundation in the GMA News.

Seaweed farmers now spend P40,000-P53,000 for a single raft used for farming seaweed and industry leaders said production cost tripled compared with farm input costs eight years ago.

In a forum with DBP officials, seaweed processors and farmers associations in this city and the island province of Tawi-tawi said they would avail of credit from the bank. DBP Assistant Vice-President Joaquin E. Gelvezon told the seaweed stakeholders here that the bank is willing to fund as much as 90% of the project cost.

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