MANILA, Philippines — Archipelago Philippines Ferries Corp. (APFC), the shipping company that operates FastCat, continues with the aggressive expansion of its fleet as it inked yesterday a P1.8-billion loan agreement with the Philippine National Bank (PNB) for the construction of five new ferries.
The five new ferries form part of FastCat’s modernization drive of having 30 vessels by 2020, which requires a total investment of $240 million.
PNB is the seventh bank which the company has signed a loan agreement with to finance its fleet expansion program, following funding deals previously inked with BDO, RCBC, Landbank, DBP, UCPB, and AUB.
Delivery of the five new vessels to be financed by PNB is expected by 2020, according to APFC president Christopher Pastrana.
He said the ships would be manufactured in China, with most of its equipment coming from Japan.
FastCat currently has 12 vessels in its fleet servicing the eastern and western part of the central corridor. The vessels currently serve some three million passengers annually.
Once it achieves its fleet target of 30 ships, Pastrana said the company would be able to serve some 10 to 11 million passengers.