AGRINURTURE Inc. (ANI) will adopt blockchain technology for all its contract growers, according to its chairman and chief executive officer Antonio Tiu.
To learn and determine which blockchain is most ideal for the Filipino farmers, Tiu undertook a more than two-year exploratory process during which he canvassed and vetted blockchains from all over the globe.
He added he will be minting the Agritoken stable coin on BLOX in a closed loop ecosystem for payment and lending support to farmers, offering lower interest rates than traditional micro finance options.
More importantly, the blockchain will be used to ensure that farmers borrow responsibly and use the stable coin to fund only designated inputs and services such as fertilizer, seedling, pesticide and post harvest equipment, among others. This prevents them from diverting funds on non essentials.
“My goal with this closed loop stable coin concept is to uplift the life of every Filipino farmer via financial inclusion. I want to achieve inclusive growth of the unserved and underserved to be able to break from the cycle of debt traps set by the loan sharks. By doing so, they can grow and expand their farming operation and ultimately move up the value chain in the agricultural sector.” said Tiu.
ANI started its business operations in 1997 as an importer, trader and fabricator of post-harvest agricultural machines to improve the productivity as well as increase the income of Filipino farmers.
It was the first to bring into the Philippine market the “Mega-Sun” brand of grain dryers and thereafter established itself as one of the more reliable local suppliers and manufacturers of conveyor systems and other rice mill equipment.
ANI eventually diversified to various agro-commercial businesses, specifically focusing on the export trading of Philippine carabao mangoes as its main revenue stream.