UCPB and Archipelago Philippines Ferries Corporation (APFC) recently signed a loan agreement to acquire two additional FastCat roll-on/roll-off (RORO) passenger ferries that will service APFC’s various inter-island routes in the country.
The 10-year term loan facility amounting to US$ 13.28 million will be used to partially cover the US$ 16-million manufacturing cost of the RORO ferries. These will be built by Bonny Fair HK, Ltd., and are projected to be finished in 12 months. In 2015, APFC also availed of a loan facility from UCPB 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,” UCPB President and CEO Higinio O. Macadaeg, Jr. said.
The agreement was signed by the UCPB President, Corporate and First Vice President/Commercial Banking Group Officer in Charge Carina C. Uy and Vice President/Metro Manila 2 Team Head Ramon L. Fernandez, Jr. together with APFC Chairman Dennise C. Trajano, President Christopher S. Pastrana and EVP Mary Ann I. Pastrana in simple ceremonies at the Manila Golf and Country Club on September 12, 2018.
APFC provides a vital maritime link through its safe, fast, reliable and state-of-the-art RORO vessels designed specifically for Philippine water conditions. To date, APFC has 12 FastCat RORO ferries that serve 19 routes in the country including Batangas, Mindoro, Sorsogon, Samar, Aklan, Panay, Cebu, Bohol, Negros Oriental, Negros Occidental, Surigao Del Norte, Camiguin, Cagayan de Oro and Zamboanga. The company also owns and operates modernized ports and terminals in the eastern and western sea route.
Date published: October 1, 2018