State-run Development Bank of the Philippines, the fifth largest lender in the country in terms of assets, granted a P700-million seven-year syndicated term loan to Science Park of the Philippines Inc. to finance the latter’s development projects to meet rising demand amid the steady recovery of the manufacturing sector.
DBP president and chief executive Emmanuel Herbosa said the loan was granted with Rizal Commercial Banking Corp. as co-lender and the Investment & Capital Corporation of the Philippines as financial adviser and lead arranger.
“DBP recognizes this financial collaboration as a strategic and huge step in advancing the country’s infrastructure landscape which can spur further economic development,” Herbosa said.
DBP provides credit support to four strategic sectors of the economy—infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
SPPI was established in 1989 and developed four Philippine Economic Zone Authority-registered industrial parks with an aggregate area of nearly 800 hectares in Laguna, Batangas, Bataan and Cebu.
It is constructing two more facilities in Bataan and Batangas, which are equipped with proper road network and storm drainage system, water distribution, wastewater treatment, power and telecommunications.
Herbosa said proceeds of the loan would be used to partially finance current and future projects and capital expenditures such as land development, road system construction, water utilities and a centralized wastewater system.
He said DBP more locators were expected to come into industrial parks such as SPPI’s as the country continues to strengthen its position as a viable site to host firms in the manufacturing, logistics, electronics, semiconductors, packaging, food and other industries.
“DBP will continue to work with various institutions and economic key players who share with us the same mission of promoting growth opportunities, while raising the level of competitiveness of our country through infrastructure development,” Herbosa said.
