AgriNurture Inc. (ANI), an agricultural firm listed in the Philippine Stock Exchange, will be adopting blockchain technology for all its contract growers.
Antonio Tiu, ANI chairperson and CEO, said to learn and determine which blockchain was most ideal for Filipino farmers, he spent more than a two-year exploratory process, during which he canvassed, and vetted blockchains from all over the globe.
Tiu also revealed that he will be minting the Agritoken stable coin on BLOX in a closed-loop ecosystem for payment and lending support to farmers with lower interest rates than traditional microfinance 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, seedlings, pesticides, post-harvest equipment, etc. This prevents them from diverting funds on non-essentials which is a major issue with traditional microfinance loans.
By monitoring the use of the AgriToken stable coin, the Philippines‘ produce exporter can fast-track quarantine protocols and better achieve food security. In turn, contract growers can focus on what they excel: producing the right quality and quantity. This game changer will significantly disrupt the sector and improve their quality of life.
“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 for the unserved and underserved to be able to break from the cycle of debt traps set by loan sharks. By doing so, they can grow and expand their farming operation and ultimately move up the value chain in the agricultural sector,” Tiu said.
ANI was incorporated on February 4, 1997 and started its business operations in the same year as an importer, trader and fabricator of post-harvest agricultural machinery intended to improve productivity as well as increase the income of Filipino farmers.