DBP lends 12 B to Alsons agri firms

State-owned Development Bank of the Philippines (DBP) granted a 12-billion omnibus loan facility to a leading local agricultural firm in line with the bank’s commitment to promote countryside growth through its support to the agri-fisheries sector, a top official said. DBP president and chief executive officer Cecilia C. Borromeo said the loan will be used to finance the various working capital requirements of companies under the Alcantara Group such as Alsons Aquaculture Corporation (AAC), Sarangani Agricultural Co., Inc., Sarangani Cattle Co., Inc., Finfish Hatcheries, Inc., and Alsons Development and Investment Corporation. “We expect the project to boost the Alcantara Group’s total export proceeds, provide 1,000 additional jobs to locals, and sustain other industries and entrepreneurial activities through raw materials sourcing and local trading,” Borromeo said. DBP chairman Alberto G. Romulo said DBP has a long-standing business relationship with the Alcantara Group that started in 2006 when the bank financed the pond and cold storage expansion of AAC. The Alcantara Group is one of the largest and most diversified conglomerates in the country with over 139.4 billion in assets and sales totaling 18.2 billion as of end-2017. From its humble beginnings in the late 1950s, the company has expanded its presence in real estate, manufacturing, power generation, insurance, and utilities.