LANDBANK signs P2B loan agreement with Batangas Veggie Oil to finance plant complex

Friday, November 16, 2018

LANDBANK Executive Vice President for Agricultural and Development Lending Joselito Gutierrez and Batangas Veggie Oil Corporation Chairman and President Alfonso Lim seal the P2-billion loan agreement which will partially finance the corporation’s plant complex. They are joined by LANDBANK First Vice President Charlotte Conde, Batangas Veggie Oil Corporation Director Alfie Thomas Limketkai and LANDBANK Cagayan de Oro Lending Center Manager Jimmy Arco.

LANDBANK recently signed a P2-billion loan agreement with Batangas Veggie Oil Corporation to provide additional working capital and partially finance the construction and development of the corporation’s Vegetable Oil Refining and Enzymatic Interesterification Plant Complex.  

The complex will comprise a complete line of refinery equipment capable of refining 300 tons of both coconut oil and palm oil a day. These include a votator for shortening and margarine products, and the most recent technology in fats and oils modification - the Enzymatic Interesterification(EIE). The EIE is capable of producing functional fat products with less saturated fat and with essentially no trans-fatty acids which are in-demand amid the country’s growing health-conscious market.

The project will be complemented by storage, distribution, and logistics support facilities which will be built at a 1,200-sq.m. leased area along the shorelines of San Pascual, Batangas.