The onion industry in the Philippines will see large growth after huge investments in the form of loans by the Land Bank worth 1.1 Billion Pesos (about $19.18 million).
The loans are to support further production and trading of onions as well as cold storage equipment. An additional P102.9 million ($17.5 thousand) worth of loans are in the pipeline.
Small as well as bigger business may apply for the loans with 90% of the funds that can be used for a production loan. A maximum of 80% may be borrowed by small and medium companies.