Pasig city: The Department of Agriculture (DA) is actively pursuing up to USD500 million in funding to enhance the engineered bamboo sector by 2027. In an interview during the launch of the first Philippines Hand-in-Hand (HIH) National Investment Forum held in Pasig City, DA spokesperson Assistant Secretary Arnel de Mesa revealed that the agency is collaborating with global financial institutions to evaluate the project's feasibility.

According to Philippines News Agency, the Asian Development Bank and other financial institutions have expressed willingness to finance the initiative due to the significant potential of engineered bamboo. The proposed loan, estimated between USD300 million to USD500 million, aims to bolster the local bamboo industry's development and capacity-building, particularly for construction purposes and related applications.

De Mesa highlighted the abundant production of giant bamboo in the country, noting its utility in soil erosion prevention, reforestation, and as a lucrative investment opportunity for farmers. He identified Bukidnon as a pivotal area where the engineered bamboo sector is making strides.

The DA stated that the project is currently in the conceptual phase, with a comprehensive feasibility study projected to take five to six months. De Mesa indicated that the entire process could span about a year, with project implementation potentially commencing next year, contingent on loan approval.

Presently, China leads globally as the top exporter of engineered bamboo. Aside from this initiative, the DA is also exploring investments in livestock infrastructure, credit, insurance, and other agricultural ventures.