State-owned Development Bank of the Philippines (DBP) has extended a fresh P410-million assistance to aquaculture firm Alsons Aquaculture Corp. (AAC).
In a statement released on Tuesday, the bank said the loan will finance AAC’s sales expansion requirements in the local market as well as in the United States, Europe, and Middle East.
DBP said the assistance includes a P320-million omnibus credit line to address AAC’s operating needs from production, processing, and sale of processed milkfish and other high value fish products.
“This would support the full utilization of the 10,000 metric tons (MT) processing capacity of AAC’s plants,” the bank said.
The assistance also comes with an P80-million term loan for the company’s increasing feeds volume requirements. This will help double AAC’s production to 7,200 MT from 3,600 MT, or 90 percent of the company’s total feeds requirements.
To support the liquidity of AAC, the bank also granted a P10-million domestic bills purchase line facility.
AAC has been a client of DBP since 2006 and was previously granted loans totaling P190.5 million for capital expenditures. DBP also assisted AAC in the construction of its feedmills building and acquisition of various machineries and equipment.
AAC employs about 2,000 workers from Sarangani province, General Santos City and nearby municipalities.