Influx of new banks in banana-producing Panabo City noted- Mayor Silvosa

sept. 21, 2013
Panabo City Mayor Jose Silvosa Sr noted that there is an influx of new banks and lending institutions which decided to locate to the city in the recent years and months to commiserate with the continued vibrancy of its economy fueled by banana industry.
He said that the BDO is starting to locate its branches following the Chinabank, EastWest Bank and Philippine National Bank.
Early locators in the city are Land Bank of the Philippines, Security Bank  and the One Network Bank.
Mayor Silvosa also noted that during his three terms he could also note of major lending institutions that located to offer their financial services to the city’s businesses and individuals.
“The decision of the banks and lending institutions is certainly one of the manifestations of the continued economic development of Panabo City,” he said.
He also said that though as usual the economy of the city depends on banana industry but there is also parallel production of other agricultural products as a result of the efforts of the city government such as the cacao, rubber and fruit trees.
“We have encouraged people to plant other crops through the city government’s plant now pay later program, and they responded, and in fact, cacao production alone covers 80 hectares and it’s now bearing fruits,” he said.
Mayor Silvosa added that the same with the export-quality cavendish bananas other agricultural products can easily take the Anflocor-owned state-of-the-art container terminal and wharf, the Davao International Container Terminal (DICT) located in the city’s sealane. The P2.7-billion modern wharf just operated this year. 
DICT is owned and managed by San Vicente Terminal Brokerage Services, Inc., a member of the ANFLOCOR Group of Companies, which has TADECO, the world’s biggest banana plantation, as its flagship business. 
Panabo City is home of TADECO– for Tagum Agricultural Development Company, which has more than 6,900 hectares of banana fields producing at least 31 million boxes of Class A Del Monte bananas annually. TADECO exports its fresh cavendish bananas to Japan, Hong Kong, Korea, Singapore, Russia, China and Middle East. The plantation is mainly is located at Barangay A. O. Floirendo, Panabo City. (Rural Urban News/Cha Monforte)

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