MANILA, Philippines — State-run Land Bank of the Philippines has approved a P1.6 billion financing for Pryce Corp. to fund its business expansion.
Landbank and Pryce inked a loan agreement for the latter’s operations in real estate development and liquefied petroleum gas (LPG) distribution.
Bulk of the loan at P1.5 billion will be used to construct LPG terminals and refilling stations for Pryce Gases Inc., the company’s major subsidiary.
Pryce Gases is involved in the importation and distribution of LPG under the brand name PryceGas, as well as in the production and selling of industrial gases.
Another subsidiary, Oro Oxygen Corp., will get P105 million to fund the expansion of its LPG products distribution.
On the other hand, the remaining P55 million will finance the development of the firm’s memorial parks and columbariums in major cities in Mindanao, including one in Iligan City currently being constructed.
Landbank president and CEO Cecilia Borromeo said the loan would help Pryce provide a wide array of essential products and services to its customers nationwide.
Pryce chairman Salvador Escaño, for his part, noted that the loan would aid the company in expanding its LPG infrastructure, penetrate the market more deeply, and increase its market share.
“It will also bring PryceGas products closer and more accessible to the many household consumers,” Escaño said.
Pryce was established in 1989 as a property holding and real estate development company, which is principally involved in the development of memorial parks and sale of memorial lots.
It has currently 13 memorial parks in Mindanao and one columbarium in Cagayan de Oro City.
Pryce is also involved in the wholesale and distribution of private branded multivitamins and some over-the-counter generic drugs under Pryce Pharmaceuticals Inc.