The Philippines’ Manila Electric Company (Meralco) has announced that it will draw from its $1.28b (PHP75b) credit facility which will be used to finance its venture in liquified natural gas.

In a disclosure, the company said the loan will be taken out from BDO Unibank Inc., Bank of the Islands, and Metropolitan Bank and Trust Company within the week.

“The credit facility, which has a maximum amount of PHP75b, is payable in twelve (12) years. The loan will be used to finance investments and other general corporate purposes of the company,” Meralco said.

According to reports, the loan will be used for the “acquisition of investments in Project Chromite.”