Firm signs term loan for terminal project

Subscribe Now April 10, 2012 at 04:30pm

THE Anflo Management and Investment Corporation and San Vicente Terminal and Brokerage Services Inc. have finalized the P2.1 billion loan facility for the Davao International Container Terminal project. The two companies sealed the syndicated facility with Bank of the Philippine Islands (BPI) and Security Bank in a signing ceremony held last April 2 at the Marco Polo Hotel Davao.

"We are very glad that Bank of the Philippine Islands and Security Bank believe in this project and welcomed to facilitate the financial requirements of the Davao International Container Terminal," Anflocor chief financial officer Oscar V. Grapa said.

The deal was arranged by BPI Capital Corporation and SB Capital Investment Corporation.

"BPI sees the immense value of the project to Davao’s economy in being able to create jobs, translate to substantial logistics savings, and to promote the global competitiveness of Davao’s banana export industry," BPI president Aurelio R. Montinola III said.

SB Corporation president Alberto S. Villarosa also noted the positive impact of the project to the economic growth in the Davao Region.

"We thank the management of Anflocor Group for entrusting the financial part of the project to both BPI and Security Bank," Villarosa said.

The eight-hectare container terminal aims to support Mindanao’s expanding international banana exports by providing progressive container port services. It will feature modern ship to shore cranes, expansive plug-in facilities and an average draft of 15.5 meters which can accommodate large international vessels.

Davao International Container Terminal is also projected to support the position of the Philippines as the third largest exporter of cavendish bananas in the world, which local industry is concentrated in Mindanao.

Source: sunstar.com.ph



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