PFDA general manager Petronilo B. Buendia said the loan facility has a remaining balance of $35 million.
"The Chinese government said we could use that amount to upgrade some of the fish ports that we are operating, especially in ports where there is considerable fish processing activities," said Buendia.
The $100-million suppliers’ credit facility was extended by the Chinese government through the China National Construction and Agricultural Machinery and Export Corp. (CAMC) in Dec. 2000.
The loan was specifically intended for funding the construction of support facilities for the local farm sector.
The loan is payable in 10 years, with a two-year grace period and carries an interest of three percent per annum.
Out of the $100 million, $26.17 million was already used to fund the expansion and rehabilitation of the Gen. Santos fish port complex in Gen. Santos City.
A portion of the loan was used to finance irrigation projects.
Currently, PFDA is still drawing up the blueprint for the rehabilitation of these fish ports, Aside from the Gen. Santos fish port, seven other fish ports being managed by the PFDA badly need to be rehabilitated.
"Most fish ports that we are operating have been operating for more than 20 years," Buendia said.
The rehabilitation plan, however, will have to be approved by Malacañang.
PFDA is a state-run corporation under the Department of Agriculture mandated to provide essential post-harvest facilities and infrastructure that will improve fish handling and distribution as well as enhance the quality of fish products.