MANILA, Philippines — State-run Development Bank of the Philippines (DBP) has granted a P2 billion in loan facility for the agricultural subsidiaries of Alcantara Group in line with the bank’s thrust to promote countryside development through support to the agri-fisheries sector.
DBP president and chief executive officer Cecilia Borromeo said the P2 billion loan would be used to finance the working capital requirements of companies under the Alcantara Group, such as Alsons Aquaculture Corp. (AAC), Sarangani Agricultural Co. Inc., Sarangani Cattle Co. Inc., Finfish Hatcheries Inc., and Alsons Development and Investment Corp.
“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.
Alcantara Group of Companies president Tomas Alcantara lauded the deal, saying the P2-billion in loan would support the company’s projects in the Sarangani province, as well as other initiatives in Mindanao.
According to DBP chairman Alberto Romulo, the DBP has had a long-standing business relationship with the Alcantara Group since 2006, when the bank financed the pond and cold storage expansion of AAC.
“We in the DBP feel proud that in our own little way, we have contributed to Alsons’ growth as the largest processor and exporter of premium quality bangus and other processed seafood products in the country,” Romulo said.
The Alcantara Group is one of the largest and most diversified conglomerates in the country with over P39.4-billion in assets and P8.2-billion in sales as of end-2017.
Since its establishment in the 1950s, the company has expanded its presence in real estate, manufacturing, power generation, insurance, and utilities.
DBP, meanwhile, is the eight largest bank in the Philippines, with total assets reaching P617.87 billion as of end-June.
Earlier, Borromeo said the DBP has committed to increase its funding support to far-flung areas of the country.
In line with this, the DBP boosted its lending activities in the first half, with a total loan portfolio of P250.59 billion.
About P72.1 billion of this amount went to local government units, state firms and other private businesses, while the agriculture sector received loans amounting to P40 billion.