FastCat firm, PNB ink P1.8-B ferry deal

THE operator of the FastCat roll- on/ roll- off vessels has signed a P1.8- billion loan agreement with the Philippine National Bank ( PNB) to finance the construction of five new ferries.

In a media briefing on Wednesday, Archipelago Philippine Ferries Corp. ( APFC) President and Chief Executive Officer Christopher Pastrana said the PNB- funded vessels would allow his firm to explore more routes in central Visayas and Mindanao.

The ferries will be manufactured in China and are expected to be delivered by 2020, he added.

Once built, these ships would be added to the 12 APFC currently has. The company aims to raise this number to 30.

Pastrana is confident his company would meet its goal of making 30 vessels operational as funding for them has been secured.

“Next year we’re targeting eight to 10 ships, and the remaining balance of eight will be coming by 2020” and be “fully operational by 2021…” he told reporters.

FastCat currently carries 3 million passengers and 2 million tons of cargo annually. Once it has 30 vessels, it can accommodate 10 to 11 million passengers and 12 million tons of cargo.

In terms of revenues, APFC expects to raise P4 to P5 billion from 30 ferries starting 2021, compared with P2 billion from 12 vessels.

“[ T] he industry is so big. There are so many islands to be connected… Almost half of the population [ ride a boat], especially those in the countryside, so we really rely on sea transport as a means of moving people and goods,” Pastrana said.