Good People of this community. I need contributions from bank executives on this forum. My Firm is in the petroleum distribution sector. My firm got an LPO to supply 6 trucks of AGO per month to a cement company in PH. I approached my bank as usual and I was told that they posted a huge loss and I will need a collateral before getting the sum. A couple of weeks ago we gave the title to a land in PH as collateral. Now the story is for me to reduce the amount of credit to 10M so that Head Office wont have to be contacted. I am guessing that all they are doing is to drag into the new year.

The Cement company rep. is getting disenchanted with my non performance, Yours truly is getting frustrated with the whole process. Are banks supposed to be economic aids or saboteurs? Apologies to all Bankers but I need to know if it is now a standard bank policy (however covert) not to extend line of credit to finance LPOs again

God Bless

P.S. I just finished another round of meeting