AgriNurture looking at $100 million from potential foreign investor

Michelle Ong, ABS-CBN News

Posted at May 29 2019 01:50 PM

MANILA -- AgriNurture Inc is "looking" at a possible $100 million (P5.2 billion) investment from an Asian partner to help fund its expansion, president and CEO Antonio Tiu said Wednesday.

After expanding to rice from mangoes, bananas and pineapples, AgriNurture is looking at micro lending for farmers, Tiu told ABS-CBN News.

"Over the next 5 years, we will aggressively pursue inclusive growth in the agri sector by empowering our small partners," he said on the sidelines of the company's 10th listing anniversary at the Philippine Stock Exchange.

Farmers who avail of the loans will also have access to seedlings and fertilizers, he said.

With rice imports, the staple grain could account for half of the company's total revenues, he said.

"It's just rice portfolio is exceeding growth because of economies of scale. Rice, we bring in shiploads. Fruit, we export only by container. That's a big difference," he said.

Incorporating technology in farming will help lure young people to agriculture, who may not think of it as sexy, he said.