Under the agreement, TCTI
will fully invest in scaled-up development, production, and distribution of seeds, as well as meeting seed sales objectives, for the three hybrid rice varieties.
will work with Aski, Inc., a leading microfinance company with over 18,000 farmer-clients in the Philippines, to provide farmers with training, technologies, and financial services to help further spread the use of the selected rice hybrids' seeds.
In a statement, IRRI said it signed a seven-year limited exclusivity commercial license agreement with TCTI to promote the commercialization and nationwide distribution of its seeds: Mestiso 71, Mestiso 77 and Mestiso 89.
Peter Brothers, IRRI chief of staff and representing IRRI's director general, and Julio Sy Jr., TCTI chief executive officer, on July 30 at the IRRI Headquarters in Los Banos, Laguna.
TCTI is a subsidiary of Tao Corp., one of the Philippines's top 500 diversified business groups, IRRI said.
Today is a significant day for IRRI as we enter into this new partnership with TCTI, an industry-respected and established group that can help bring some of our innovations to our main clients-the countless farmers and consumers who depend on the rice sector for their food, nutrition and livelihoods,' Brothers added.
Tao Corp., the country's largest trader of molasses in the country, decided to diversify into the rice seed market with its subsidiary TCTI applying to be part of IRRI's hybrid-rice development consortium (HRDC).