Henry Sy’s BDO extends P1B loan to Singaporean flour miller
BDO Unibank Inc. of Bilyonaryo Henry Sy continues to support the Philippine economy as it extended close to P1 billion in loans to the Philippine unit of Interflour Group Pte Ltd of Singapore.
Proceeds of the seven-year load deal amounting to P998 million entered by BDO and Mabuhay Interflour Mill Inc. would be used to partly finance the construction of a flour mill inside the Subic Bay Freeport zone.
The proposed flour mill within a 5.2-hectare property in Subic Bay Gateway Park Phase II is scheduled to be completed early 2017 with an initial capacity of 500 metric tons per day to be doubled to 1,000 MT by 2019.
The project involves the milling of wheat into food flour for direct sale to consumers, distributors and retailers in the country, as well as for the export market.
The Interflour Group is one of the largest flour millers in Asia.
Edward Wenceslao, senior vice president and head of international desks at BDO, said the investment of Interflour in the Philippines is a welcome development.
?BDO supports initiatives by conglomerates that generate employment opportunities in fast-growing business districts like Subic,? Wenceslao said.
With an estimated 25,000 bakeshops operating in the country, Interflour chief executive Greg Harvey said the company considers the Philippines as an important market in the region.
?We welcome the support of BDO and thank them for the cooperation in working with us to develop local employment and more affordable flour for the Philippine community in general,? Harvey said.
Interflour currently operates nine flour mills globally – eight in South East Asia and one in Turkey – with a wheat milling capacity of 6,500 tons per day.