First Gas to borrow $80 million from local banks
First Gas Power Corp. is planning to borrow $80 million from local banks, and the Lopez-controlled is seeking the approval of Bangko Sentral ng Pilipinas to borrow the said amount, which was said to be higher that what was being considered earlier by the company, which was only $50 million.
The company is the one who owns and operates the 1,000-megawatt Santa Rita combined cycle natural gas-fired power plant in Batangas.
The Santa Rita power plant, according to the company’s website, uses natural gas from the Malampaya Gas Field in offshore Northwest Palawan.
The BSP, last week, approved the Philippine National Oil Corp. – Exploration Corp.’s own foreign currency deposit unit (FCDU) loan worth $9 million. The agency said that last year, total FCDU loans decreased by almost nine percent at $4.95 billion compared to what was reported in 2008.
If the basis would be the borrower type, private loans were lower last year at $3.182 billion compared to the $5.334 billion in 2008. Private FCDU loans are mainly availed by public utilities and exporters. Residents accounted for 69 percent total loan portfolio.
May 16, 2010
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Tags: bank, banking, borrowing, BSP, FCDU, finance, First Gas, foreign currency, loan, money, Philippines, power plant В· Posted in: banking, Corporations, economy, finance, Foreign exchange, money, Philippine business news, Philippines
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