Dubai firm eyes building $1 billion rice grain silos in the Philippines

A Dubai-based firm has submitted a proposal to build 20 rice grain silos in the Philippines.

According to according to Agriculture Secretary Emmanuel F. Piñol, the National Food Authority (NFA) Council accepted last Tuesday, October 23, the proposal of B2Firms DMCC (B2Firms), backed up by the Italian government, that offered a long-term loan of $1 billion to the Philippine government for the construction of post-harvest facilities, including big grain silos.

“[The proposal” fits into the program of the NFA to focus more on local procurement and leave the importation to the private sector,” Piñol said in an interview with reporters, reported Business Mirror.

Piñol shared his delightment with the idea, which aims to shed light on the aspect grain industry is lacking with. Post-harvest facilities in the country is far behind other countries’ facilities, as NFA is still using dilapidated warehouses to store rice.
Under B2Firms’ proposal, they will construct four gain silos that can store up to 60,000 metric tons of rice paddy in five major rice-producing areas. The silos were designed to withstand strong typhoons, according to Piñol.

The Agriculture Secretary added that the government will pay the $1 billion in 10 years. It would be obtained from an Italian bank.
“They will bring in the technology and build the project,” he added.