Philippines' Energy Development Corporation clinches $215m loan facility

A huge chunk will be spent on drilling projects.

The Philippines’ Energy Development Corporation (EDC) has revealed that it will secure three-year bilateral loan facilities with various local banks for a total amount of up to PHP11.5b (US$215m).

In a disclosure to the Philippine stock exchange, EDC stated that the proceeds of the facilities will be used to refinance its USD80m club loan, fund a portion of its capital expediture program, and other general corporate purposes.

A report by local paper BusinessWorld quoted EDC’s head for corporate finance as saying that a big part of the company’s growth projects are related to drilling, with three wells in the project pipeline this year alone.

In the first quarter of 2018, EDC reported a double-digit slide in revenue. Its net income plunged by almost half. Still, the company expects its revenue and profits to stay flat in 2018.

Also Read

ADB grants $15m to boost Tajikistan’s grid upgrade

Eco Wave enters Asian market with onshore wave project in Taiwan

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit