Landbank okays P76-million loan

MANILA, Philippines - The Land Bank of the Philippines approved a $1.77-million (P76 million) loan to Big Glory Bay Salmon & Seafood Co. Inc. (BGB) which is putting up seafood processing facility in General Santos City.

BGB is a joint venture between Alliance Select Foods International Inc. (ASFII) and Prime Food New Zealand Ltd. (PFNZ), an ASFII subsidiary that processes smoked salmon in Canterbury, NZ.

According to Landbank president and chief executive officer (CEO) Gilda Pico, BGB aims to position itself as a leader in salmon and seafood processing and smoking in the Asian region.

BGB’s production is targeted for both domestic and the export market. The bulk of the production is intended for export to the United States, Australia, New Zealand, Japan, Singapore, Taiwan, Dubai and other Middle East countries.

The Landbank loan will fund BGB’s processing plant construction, acquisition of equipment/facilities and working capital requirements.

Initial volume targeted is one metric ton of smoked salmon per day which will eventually be increase to three metric tons daily upon full plant operation.

The raw material or salmon will be imported, head off, from New Zealand.

Also in the pipeline is the possible processing of mussels to be sourced from New Zealand, Norway and Chile.

Projected employment is up to 100 workers.

ASFII is a publicly listed company and is one of the leading manufacturers in the Philippines. Its factories are located in General Santos City in the Philippines and Bitung in North Sulawesi, Indonesia.

It has a daily capacity of 200 metric tons and its tuna products are exported to 56 countries.