Rockwell Land borrows P5 billion from BDO

April 5, 2024 | 12:00am

MANILA, Philippines — Lopez-owned property developer Rockwell Land Corp. is beefing up its war chest to support its expansion.

In a stock exchange filing, Rockwell said its board approved a P5-billion term loan facility of up to 10 years with BDO Unibank Inc.

Proceeds of the loan would be used to fund capital expenditures, land acquisitions as well as other investments, the company said.

In January, Rockwell announced its board’s approval of a P5-billion term loan facility of up to seven years with Metropolitan Bank and Trust Co., proceeds of which will also be used to fund capex and other investments.

The following month, the company said it would also tap a P5-billion term loan facility of up to 10 years with the Philippine National Bank and a P5-billion term loan facility of up to seven years with  Rizal Commercial Banking Corp.

Rockwell Land has committed to pursue expansion following the appointment of CEO Nestor Padilla as chairman in February last year, along with the appointment of new president and COO Valerie Soliven.

Both leaders are expected to lead the company to double-digit growth in the next few years.

Last year, Rockwell also announced its expansion plans of almost 200 hectares of development in Cebu, Bulacan and Batangas.