First Philippine Holdings signs P10-B loan deal with BDO – BusinessWorld Online
LOPEZ-LED holding company First Philippine Holdings Corp. (FPH) has secured a P10-billion loan from Sy-led BDO Unibank, Inc. to support its capital requirements.
FPH said it executed a 10-year term loan agreement with BDO, which has a one-year availability period.
“It will be used to fund general corporate and other working capital requirements,” FPH said in a regulatory filing on Tuesday.
For the first nine months of last year, FPH’s consolidated net income declined by 19% to P19.4 billion from P24 billion in 2023 due to lower operating earnings driven by margin compression and weaker results from its power generation business.
The conglomerate’s nine-month revenue edged up by 0.3% to P124.6 billion, supported by stronger real estate sales.
FPH has core business interests in clean and renewable energy, real estate, manufacturing, construction, healthcare, and education.
On Tuesday, FPH shares were unchanged at P57.50 apiece. — Revin Mikhael D. Ochave