Anflocor gets P2.1-billion loan for DICT

DAVAO CITY, Philippines  – San Vicente Terminal and Brokerage Services, Inc., the Anflocor Group’s fully owned port operator, has finalized a P2.1-billion syndicated facility with the Bank of the Philippine Islands and Security Bank Corp. to fund the development of the Davao International Container Terminal in Panabo City, Davao del Norte.

“We are very glad that BPI and Security Bank are providing the debt funding for this project, so we can all look forward to a new beginning – a Mindanao with the Davao International Container Terminal,” said Anflocor’s chief financial officer Oscar V. Grapa.

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

The proposed 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 can accommodate large international vessels. The Philippines is currently the third largest exporter of Cavendish bananas in the world.

“We are happy with the opportunity to support one of the nation’s largest export industries,” according to Security Bank president Alberto Villarosa.

BPI president Aurelio Montinola III also commented on the port, “BPI sees the immense value of the project to Davao’s economy, it creates jobs, translates to substantial logistics savings, and promotes the global competitiveness of Davao’s banana export industry”.

The presidents of both BPI and Security Bank were present in the signing ceremony in Marco Polo Hotel in Davao.

The Anflocor Group, whose major interests include agribusiness and real estate, are expecting strong support for the port from the local fruit producers, the shipping lines serving the region and from both the local and National Government.

The Davao International Container Terminal is expected to be operational by the first half of 2013.