The Development Bank of the Philippines (DBP) has extended an additional P410-million loan to Alsons Aquaculture Corporation (AAC) to finance its sales expansion requirements in the local market as well as in the United States, Europe, and Middle East.
The DBP loan comprises of a P320-million omnibus credit line to address the operating needs of AAC 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 DBP assistance includes a P80-million term loan for the company’s increasing feed volume requirement. With the P80-million term loan, AAC will be able to double its production to 7,200 MT from 3,600 MT translating into 90% total feeding requirement of the company. The P10-million domestic bills purchase line facility was also granted to support the liquidity of AAC.
Alsons Aquaculture Corp. has been a client of DBP since 2006 and was previously granted a total of P190.5-million in term loans for various capital expenditures of the company. DBP also assisted AAC in the construction of its feedmill building and acquisition of various machineries and equipment.
AAC employs around 2,000 work force from Sarangani Province, General Santos City and nearby municipalities.