Philab obtains P400 M loan

MANILA, Philippines - Philab Holdings Corp., has secured a P400 million loan from Altus Capital, an affiliate of the International Finance Corp. (IFC).

Proceeds of the loan would be used as working capital to carry out contracts with several government agencies to roll out medical and education kits nationwide, the company said.

Philab has been awarded a total of P3.2 billion worth of contracts from the Departments of Education and Health and the National Institute of Health-UP Manila.

The local healthcare and life science holding company said financing from the World Bank Group is a vote of confidence that reflects Philab’s record of profitability and growth.

“They are a prime example of what we look to invest in: pioneering companies with products and services that have profound impact in the communities they serve,” said Altus managing director Pavan Gidwani.

Altus Capital is a specialist investment firm managed by Altus Capital Partners, an affiliate of the World Bank Group’s IFC.

Philab, which recently completed a successful backdoor listing, is a pioneer in the Philippine health science sector.

The company has been producing and supplying the majority of the country’s medical and education materials for laboratories and schools.

The DepEd has partnered with Philab to supply math and science teaching kits to over 34,000 schools in the country.

Philab’s health innovations include a self-diagnostic screening kit under the brand LabIt, which allows early determination of dengue, the debilitating mosquito-borne disease.