Phinma Education gets P2.3-B loan

MANILA, Philippines - Phinma Education Holdings, Inc., a wholly-owned unit of investment holding firm Phinma Corp., has secured a P2.3 billion loan from two local banks.

In a disclosure to the Philippine Stock Exchange, Phinma said its education arm availed of a 10-year term loan from Rizal Commercial Banking Corp. and China Banking Corp. amounting to P1.4 billion and P900 million, respectively.

The loan was used to acquire Phinma Corp.’s 21,331 shares in Southwestern University for P2.54 billion.

SWU is a private educational institution which offers graduate, tertiary, secondary and basic education.

It also operates a hospital and medical center known as the Sacred Heart Hospital.

In April and August this year, Phinma acquired SWU shares representing 70.47 percent of the educational institution.

Phinma Education would be the vehicle for raising education-related funds in the future.

SWU is Phinma’s fifth school in its portfolio along with the University of Iloilo, Araullo University, Cagayan de Oro College and University of Pangasinan.

Phinma president and CEO Ramon del Rosario Jr. earlier said the company would continue its buying binge next year, particularly in areas in the country where it does not have a presence yet.

He said the company is interested in purchasing schools in Davao, Cavite and Laguna.