Pepsi-Cola gets P1B term loan from Metrobank

Beverage-maker Pepsi-Cola Products Philippines Inc. (PCPPI) has tapped a P1-billion term loan from Metropolitan Bank and Trust Co. to fund capital spending for this year.

In a disclosure to the Philippine Stock Exchange on Wednesday, Pepsi chief finance officer Imran Moid said: “This loan further affirms the confidence of a major Philippine bank, one of the largest in the country, in the strong outlook/prospects, performance and financial stability of PCPPI.”

The loan facility from Metrobank will have a seven-year tenor, said Jika Dalupan, head of investor relations at PCPPI.

Moid said 2012 was a strong year for PCPPI, which posted a double-digit revenue growth and nearly triple profit growth for the period.

“We have carried the momentum in 2013 and expect a good year supported by favorable economic macro (economic fundamentals) and elections,” Moid said.

Dalupan said the loan proceeds would be used for this year’s requirements but added that PCPPI was expected to benefit from such investments—such as in machinery and glass bottles—in the coming years.

“Suffice to say that it is meant to support our growth momentum, to cover increase in manufacturing capacity and distribution assets,” Dalupan said.—Doris C. Dumlao

Read more...