Overview

Bank of China provides $120 million loan to San Miguel Corporation for unspecified purposes

Commitments (Constant USD, 2023)$127,695,166

Commitment Year•2017Country of Activity•PhilippinesDirect Recipient Country of Incorporation•PhilippinesSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2017

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

San Miguel Corporation

Implementing agencies

Private Sector

San Miguel Corporation

Loan description

Bank of China provides $120 million loan to San Miguel Corporation for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On July 30, 2018, San Miguel Corporation used the proceeds from a bond issue to fully repay a $120 million Bank of China loan that it had previously contracted.

Staff comments

1. The date on which the $120 million Bank of China loan was contracted is unknown. For the time being, AidData assumes that the loan was contracted in the prior year (2017). However, this issue requires further investigation. 2. San Miguel Corporation, abbreviated as SMC, is a private, Philippine multinational conglomerate headquartered in Mandaluyong, Metro Manila. The company is one of the largest and most diversified conglomerates in the Philippines. Originally founded in 1890 as a brewery in the Philippines, San Miguel has ventured beyond its core business, with investments in various sectors such as food and drink, finance, infrastructure, oil and energy, transportation, and real estate.