UCPB extends P560-M loan for new ferries

MANILA, Philippines - The United Coconut Planters Bank (UCPB) and Archipelago Philippine Ferries Corp. (APFC) had signed an agreement recently for the acquisition of new shipping vessels that would transport passengers and rolling cargoes.

Under the agreement, APFC availed of a P560.3-million loan facility from UCPB, which will partially finance the acquisition of two new Catamaran roll-on, roll-off marine vessels that will ply the eastern route.

This is part of the company’s modernization program, which aims to bring in world-class and internationally compliant marine vessels in the country to ensure passengers’ safety, welfare and comfort.

APFC owns and operates new and state-of-the-art RoRo vessels under the FastCat brand, that are designed for Philippine water conditions.

Aside from the Batangas-Mindoro route, it also served the Mindoro-Caticlan route and later expanded to the Sorsogon-Northern Samar, Bacolod-Iloilo, Southern Leyte-Surigao del Norte, and Dipolog-Dumaguete routes, among otheres.

In addition, the company also owns and operates modernized ports and terminals in the eastern and western sea route.

The ceremonial signing was attended by executives from UCPB, APFC, Sea Transport Corp., Guandong Bonny Fair Heavy Industry and CAPP Industries Inc. Ltd., Australian company Sea Transport Corp. and Guandong Bonny Fair Heavy Industry Ltd. designed and built the shipping vessels, respectively.