State-run Land Bank of the Philippines and Pryce Corp. have inked a P1.6-billion loan agreement to fund the expansion of the firm’s operations in real estate development and liquefied petroleum gas (LPG) distribution.
Landbank President and CEO Cecilia Borromeo, Pryce Corp. Chairman Salvador Escaño and President Efren Palma led the signing of the agreement last January 27, 2023 at the LandBank Plaza in Malate, Manila.
Pryce Gases Inc. Chairman Earl Christian Lerio, Landbank senior vice presidents Ma. Celeste Burgos and Charlotte Conde as well as vice president Jimmy Arco were also present at the ceremony.
“LandBank is committed to supporting the continued expansion of Pryce Corp. to help provide a wide array of essential products and services to customers nationwide. We stand ready to serve the growth requirements of the firm and its subsidiaries, as well as other productive businesses towards advancing inclusive economic development,” Borromeo said.
Of the total loan amount, Pryce will allocate P1.5 billion for the construction of LPG terminals and refilling stations of Pryce Gases.
Pryce’s other subsidiary, Oro Oxygen Corp., will be supported with P105 million to fund the expansion of its LPG products distribution.
The remaining P55 million will finance the development of Pryce Company’s memorial parks and columbarium in major cities of Mindanao, including one in Iligan City that is currently ongoing construction.
“The P1.6-billion loan from Landbank, combined with Pryce’s existing resources, will help Pryce to further expand its LPG infrastructure and penetrate the market more deeply, thereby enabling Pryce to increase its market share. It will also bring the Pryce Gas products closer and more accessible to the many household consumers,” Escaño said.
Pryce Corp. was established as a property holding and real estate development company, which is principally involved in the development of memorial parks and sale of memorial lots.
At present, it has a total of 13 memorial parks in Mindanao and one columbarium in Cagayan de Oro City.
Landbank supports the financing requirements of key productive sectors of the economy, to drive its broader thrust of nation building in serving the nation.
