As part of the Government’s thrust to help facilitate economic activities through modern ferry boats, the Land Bank of the Philippines (LANDBANK) and the Caticlan Boracay Transport Multi-Purpose Cooperative (CBT MPC) signed a P135-million loan agreement to replace the cooperative’s existing wooden boats to fiber glass.
CBT MPC is the principal ferry boat operator plying the Caticlan-Boracay route. However, among their current fleet of 58 vessels, only 9 are steel-hulled or made of fiberglass.
Under LANDBANK’s Ferry Boat Inclusive Program (FBIP), the co-op availed of loan to finance the acquisition of brand new and modern ferry boats as replacement to their wooden hulled vessels that are no longer eligible for franchise under the new Maritime Industry Authority (MARINA) rules.
Additionally, this partnership will help boat-owners and boatmen of CBT MPC to augment their income and provide safer and more comfortable ride for Boracay tourists, residents, and laborers alike. It will also generate more employment in the community as each modern passenger boat can employ a crew of four as compared to wooden boats with only two.
LANDBANK Agricultural Development and Lending Sector Head Executive Vice President Liduvino S. Geron and CBT MPC Chairman Godofredo B. Sadiasa led the signing together with the cooperative’s Vice Chairperson Anabelle T. Dalinog, Treasurer Paulino O. Dela Torre, with the Bank’s Capiz Lending Center Head Giovani T. Baoy and employees from Kalibo Satellite Office.
“We would like to thank LANDBANK for this opportunity and we will never forget this partnership. This will be a springboard for a greater CBT MPC probably in the next twenty years,” Sadiasa said.
FBIP is part of the Bank’s support to Department of Transportation’s modernization program. Aside from bridging the gap of socio-economic growth among islands, the Bank is also looking to boost the domestic tourism through the acquisition of modern passenger boats as well.
“We are committed to nourishing the countryside and promoting financial inclusivity, which includes assisting in the movement of commodities, products, and people that are reliant on maritime transport,” said LANDBANK President and CEO Cecilia C. Borromeo.
Riding the waves through more robust vessels
FBIP was first launched in 2017 then expanded in 2019 to cater to more interested clients currently involved and looking to be involved in the ferry boat business.
With FBIP, the Bank hopes to contribute to the improvement of the agricultural value chain by ushering in safe delivery of fresh goods to the market that require inter-island transportation, while also promoting a modern maritime fleet for the safety and convenience of agri-aqua development players in the country.
Small boat owners, cooperatives, and corporations can avail of this financing Program provided that they will pass the franchising policy set by MARINA—the country’s maritime authority tasked to uphold safe domestic ferry travels.
Aside from the approval of franchising policy, interested parties should also be compliant with the boat safety standards set by MARINA.
Interested borrowers can contact LANDBANK’s 24/7 customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Fee 1-800-10-405-7000, for more information.
