China Bank lends $10M to Phl’s largest sugar trader

MANILA, Philippines - China Banking Corp. has extended a $10-million five-year term loan facility to All Asian Countertrade Inc. (AACI), a trading company with investments in strategic sugar-related businesses.

AACI said proceeds of the loan will be used to refinance its short term loans.

Portion of the facility would also finance the trading firm’s working capital requirements for its sugar and molasses trading operations, and for other general corporate purposes.

AACI is now the largest sugar trader in the country, controlling 15 percent of the Philippine sugar market.

China Bank said the funding boost is expected to strengthen the trading company’s sugar production and distribution capacities.

AACI, founded in 1994, operates a range of different companies to provide the highest quality sugar solutions to clients—from planting to delivery.

Headquartered in Makati, it has offices in Bacolod, Pampanga and Laguna.

Established in 1920, China Bank on the other hand, provides a wide range of corporate finance services as well as financing alternatives like factoring, alongside its traditional banking and investment offerings. 

With 92 years of existence, China Bank now has 300 branches and close to 500 ATMs (including the branches and ATMs of thrift bank subsidiary China Bank Savings).

China Bank is a commercial banking unit of the SM Group of Companies.