State-owned Development Bank of the Philippines (DBP) recently approved a P1.5-billion omnibus financing facility for independent fuel retailer Seaoil Philippines to support the firm’s expansion program.
Seaoil Philippines is the first independent fuel company to open a gasoline station after the fuel deregulation in 1996. It has a total of 226 operational stations with 64 more stations expected to open by the end of the year. It also pioneered in the promotion of biofuels and other alternative fuels in the country that have a blend of 90% gasoline and 10% ethanol required under the Biofuels Act of 2006.
The company was also the first to launch a P1.00 discount for loyal customers and public utility vehicles.
Shown signing the loan agreement are (from left) DBP Digos branch head Juvie-Lani Manaloto, Seaoil Philippines chief financial officer Mark Anthony Yu, DBP senior vice president Ma. Teresa Jesudason, Seaoil Philippines president & chief executive officer Francis Glenn Yu, and DBP senior assistant vice president Fernando Lagahit.