News Details

Thai firm, Laoag coop venture in shrimp farming to boost economy

NPO

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May 25, 2024

PNA

LAOAG CITY – A Thai company, Chareon Pokphand Foods (CPF), is partnering with the Government of Laoag Employees Development Cooperative (GLEDCO) for the establishment of a modern shrimp farm in the coastal village of Cataban, this city.

Landbank of the Philippines (LandBank) is financing the project, to be located in a three-hectare area, with a PHP50 million loan.

"This marks a significant milestone in our journey towards sustainability and growth. This venture is GLEDCO’s support to the call of President Ferdinand R. Marcos Jr. for cooperatives to venture into food security program in the locality,” Edgar Pascual, chief executive officer of GLEDCO, said in an interview on Thursday.

Pascual said they hope to start operations in three months, after the construction of phase 1 of the project.

Once fully operational, Pascual said the GLEDCO shrimp farm is expected to raise 100 tons of shrimps annually to cater to the high demand for fresh and high-quality seafood in the Ilocos Region while generating more livelihood for the locals.

CPF operates an integrated agro-industrial and food business, including livestock and aquaculture such as swine, broiler, layer, duck, shrimp and fish. It is known for the development of its white shrimp (Vannamei) breed from high-quality parent stocks.

The shrimp technology of the company will be adopted by the Laoag shrimp farm with the provision of technical assistance and other inputs.

Laoag City Mayor Michael Keon expressed optimism that the collaborative venture will generate employment opportunities for the locals, while escalating the demand for world-class shrimp supply from restaurants and food processing centers.