EDC borrows P5 B for capex

Lopez-led Energy Development Corp. (EDC) has borrowed P5 billion from Union Bank of the Philippines to finance its capital spending this year.

EDC disclosed yesterday it executed a loan agreement with UnionBank for the total amount of P5 billion.

The amount loaned will help augment the company’s cash requirements this year, EDC vice president for corporate finance Erwin Avante said in a text message.

Read more here.

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