Metrobank extends P20.5B in loans to Aboitiz Group
The Ty family’s banking giant Metropolitan Bank & Trust Co. (Metrobank) deepened its partnership with the Aboitiz Group as it announced the signing of P20.5 billion worth of loan deals to support the family conglomerate’s expansion.
Metrobank said in on Thursday it extended the loans to Therma Luzon Inc., part of Aboitiz Power Corp., and LIMA Land Inc. for its ecozone project in Batangas province, located south of Metro Manila.
The P15-billion 10-year loan to Therma Luzon will be used to finance a portion of its remaining Independent Power Producer-Administrator-related obligations to government-run Power Sector Assets and Liabilities Management Corp.
LIMA land, which is under Aboitiz Group subsidiary Aboitiz InfraCapital, borrowed P5.5 billion.
Proceeds will be used to bankroll new projects within the 700-hectare Lima Estate, one of the largest industrial parks in the Philippines.
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