Business

Hijo Superfoods borrows P645M from DBP

Banana flour and coconut sugar manufacturer Hijo Superfoods, Inc. (HSI) has secured a loan amounting to to P645 million from state-run owned Development Bank of the Philippines (DBP).

The loan, according to DBP president and CEO Emmanuel G. Herbosa, would be used to expand the production of export products to nine metric tons each from 12 MT per month as well as for technology and machineries upgrade.

“DBP has always been supportive of the initiatives of our local industries benefiting, not just the local community but promoting the country through their world-class products,” Herbosa said.

HSI is seen to generate over $10 million from exports, said Ana Marie Veloso, DBP senior vice president for Southern and Western Mindanao Lending Group.

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