PhilCement obtains loan to build terminal

Philippines-based Phinma Corp has announced that its cement trading unit secured a PHP875m (US$16.69m) loan to construct a new cement terminal.

"The loan will be used for the construction of the cement terminal that will be located in Mariveles, Bataan," said Phinma in a statement.

PhilCement Corp signed the five-year fixed-term loan agreement with Security Bank on 1 June, according to Business World.

Phinma recently reported its consolidated net income rose 37 per cent YoY to PHP66.4m in the 1Q18, on the back of a 35 per cent increase in revenue to PHP2.1bn.