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Pilmico signs P1.5-B loan facility with LANDBANK

With expanding operations in the ASEAN region, Pilmico Foods Corporation recently closed a P1.5-billion, 12-year loan with LANDBANK to support the upgrading of its Iligan feedmill facility.

Once completed in January 2016, the Iligan feedmill will be able to serve growing product demand in the Visayas and Mindanao. It is one of three on-going expansions across all Pilmico sites, the others being in Tarlac and Vietnam, respectively.

The LANDBANK loan will, likewise, go to building the company’s inter-island pier. As its second port facility, the pier will allow faster delivery of Pilmico’s products around the region, beefing up its competitive advantage.

Pilmico’s first port is an international pier currently dedicated to receiving imported raw materials (i.e. wheat for flour and soy beans meal for feeds) and having two ports operational will allow faster servicing.

Sabin M. Aboitiz, Pilmico’s CEO, lauded LANDBANK’s support of Pilmico’s growth story. “LBP has always been a key partner for growth in providing quality feeds products to the backyard and providing quality flour products to our customers,” he remarked.

Last year, LANDBANK granted Pilmico a P2- billion loan, which was used to fund its subsidiary Pilmico Animal Nutrition Corporation’s farm expansion and Tarlac feedmill expansion.