UCPB lends $13.3 million loan to ferry boat operator

MANILA, Philippines — United Coconut Planters Bank (UCPB) has extended $13.3 million in loans to Archipelago Philippines Ferries Corp. (APFC) to finance the acquisition of two additional FastCat roll-on/roll-off (RORO) passenger ferries.

The amount would be used to partially cover the two RORO ferries worth $16 million being built by Bonny Fair HK Ltd.

APFC also availed of a loan facility from UCPB in 2015 to partially finance the acquisition of two ferries as part of its modernization program.

“We’re very happy to partner with APFC in increasing the number of its fleet which will enable the company to serve more passengers and transport more goods and services through its inter-island routes,” Macadaeg said.

The additional ferries would service APFC’s various inter-island routes in the country. The company has 12 RORO ferries serving 19 routes including Batangas, Mindoro, Sorsogon, Samar, Aklan, Panay, Cebu, Bohol, Negros Oriental, Negros Occidental, Surigao Del Norte, Camiguin, Cagayan de Oro, and Zamboanga.

The company provides a vital maritime link through its safe, fast, reliable and state-of-the-art RORO vessels designed specifically for Philippine water conditions.

It also owns and operates modernized ports and terminals in the eastern and western sea route.

UCPB is the country’s 11th largest bank in terms of assets with P306.33 billion.

The bank booked a net income of P2 billion and revenues of P8.67 billion in the first half of the year.