DBP renews ATLAS credit line

MANILA, Philippines - State-owned Development Bank of the Philippines (DBP) signed recently an agreement with Atlas Fertilizer Corp. (AFC) renewing a P1.2-billion omnibus credit line to finance the company’s importation of raw materials and short-term operational requirements. AFC is engaged in the manufacture and domestic distribution of fertilizers for major agricultural crops such as rice, sugar, corn and tobacco. The company operates a 24-hectare fertilizer manufacture complex in Toledo, Cebu with plant capacity of 340,000 metric tons per year. A pioneer in the industry, AFC has been operating for over 54 years commanding a 40 percent market share. Photo shows (from left) AFC president Raymund Ilustre, AFC executive vice president Ko Tojima, DBP senior vice president Lilia Baun, AFC vice president Rolando Basco Jr., and DBP first vice president Gilda Velez during the signing of the credit agreement.