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Asialink secures P125-million credit line from Korean bank

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ASIALINK FINANCE Corp. has secured a P125-million credit line from KEB Hana Bank Global to help boost its lending resources, it said on Wednesday.

The credit line will help fund loans to small businesses, Asialink said in a statement.

“This breakthrough collaboration with a South Korean bank marks a vital step towards strengthening further Asialink’s diversification of funding sources for relending to the largely unbanked business sector,” Asialink President and Chief Operating Officer Eillen B. Mangubat said.

“The credit agreement between Asialink and Hana Bank is a testament to our commitment to enhancing Filipino lives through increased funding and sustainable growth,” KEB Hana Bank Manila Site General Manager Francis Koo said.

Asialink released over P12 billion in loans to new borrowers last year, it said.

It aims to disburse a combined amount of more than P40 billion in loans this year to small- and medium-sized businesses.

Micro, small and medium enterprises accounted for 99% of business establishments in the Philippines in 2022, government data showed.

Asialink is aiming to conduct an initial public offering by 2028 and expects its total capital to reach P30 billion by then.

As of April, its capital stood at P12 billion.

The company also aims to double its active customer base next year from the 100,000 recorded as of April. — A.M.C. Sy