Land Bank of the Philippines (Landbank) approved a P1.6-billion loan agreement with Pryce Corp. (Pryce) to finance the expansion of its real estate development and liquefied petroleum gas (LPG) distribution businesses last month.
In a statement on Wednesday, the state-run bank said that Pryce will allocate P1.5 billion for the construction of LPG terminals and refilling stations of its subsidiary, Pryce Gases, Inc.
Meanwhile, P105 million will fund the expansion of another subsidiary, Oro Oxygen Corp., which is involved in the distribution of LPG products.
The P55 million remaining will finance Pryce’s memorial parks and columbariums in Mindanao, according to the bank.
The loan was signed last Jan.27, at Landbank Plaza in Malate, Manila, the lender said in its statement.