MANILA, Philippines - BDO Unibank Inc. has extended a P10 billion loan facility to Metro Pacific Investments Corp. (MPIC) to bankroll major infrastructure projects.
BDO senior executive vice president and head of institutional banking Walter Wassmer said proceeds of the loan would be used by MPIC to fund its investment in various projects and for other general corporate purposes.
“This loan transaction affirms our continued support to MPIC. We recognize their role in promoting infrastructure development in the Philippines and intention to address and augment much need infrastructure assets that are vital to economic growth,” Wassmer said.
MPIC earlier announced it has obtained a P16.5 billion loans from two banks to fund its general requirements. Aside from BDO, China Banking Corp. also extended another P6.5 billion to MPIC.
The listed infrastructure and services group is setting aside P478 billion for capital expenditures from 2015 to 2020.
In particular, P170 billion will be used to fund power projects, P106 billion for water, P65 billion for roads, P44 billion for rail projects, and P16 billion for hospitals.
The remaining P78 billion will go to new projects - P67 billion for roads and P11 billion for water.