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Philippines : Security Bank signs P200M term loan.

Security Bank Corporation (SBC) signed a P200 million term loan agreement with Zamboanga City Water District (ZCWD) backed by LGU Guarantee Corporation (LGUGC) at the SBC corporate headquarters in Makati recently.

The term loan will be used to implement various water system improvement programs of ZCWD and enhance the efficiency of the water supply in Zamboanga City.

It will also augment the water supply for the elevated areas of the east and west coast where majority of subdivisions are currently being developed.

ZCWD has the exclusive right to distribute water for the entire geographical boundaries of Zamboanga City.

The project also aims to improve its revenue collection efficiency.

Present during the recent loan signing are the senior executives from both parties. Among them are SBC senior bank officials Patricia May T. Siy, EVP-Commercial and Retail Banking Segment Group head; and president and CEO Alberto S. Villarosa; ZCWD General Manager Leonardo D. Vasquez, and Dr. Milagros L. Fernandez, board of director of ZCWD and LGUGC president, Lydia Orial.

Also present were the SBC officers Eric T. Chiong, SAVP business manager Zamboanga branch; Jeanette S. Keh, SVP-Banking Center Group head; Zenaida C. Tan, SAVP, CRBS-Business Risk Evaluation and Development Leslie Y. Cham, SVP-Sales and Distribution Group head; John Francis B. Angeles - SAVP - Mindanao Banking Center head, Marvin C. Rivera - relationship manager of Mindanao Banking Center-Zamboanga, LGUGC's Ernesto Hernandez, account officer; and Thelma Sansales, AVP operations head.

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Date:Jul 27, 2010
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