Pilipinas Shell Petroleum Corp. (PSPC) has secured a five-year, P9 billion term loan from two of the country’s largest lenders, the Bank of the Philippines Islands (BPI) and Metropolitan Bank and Trust Co (Metrobank).
In a regulatory filing, Pilipinas Shell said the loan is split evenly with the two banks and will help reduce the oil firm’s exposure to short-term volatilities in the market and manage the cost of its cash requirements.
The loan is also a renewal of an existing five-year loan with BPI maturing on March 8, 2023.
Earlier this year, Pilipinas Shell committed to pursue the annual 40- to 60-unit expansion of its string of retail stations that already number more than 1,100 stations as of the first half of 2022.
Lorelie Quiambao-Osial, PSPC president and chief executive officer, also anticipate baring the details to its proposed fifth import terminal in the country.
Pilipinas Shell’s import terminals in Luzon are located in Tabangao, Batangas and in Subic with two others in Cagayan de Oro City and in Darong, Davao del Sur.
According to data from the Department of Energy, as of October 2022, Pilipinas Shell ranks second biggest share in terms of total demand for petroleum products at 14.61 percent.
