Tuesday, March 04, 2008
DBP okays P700M worth of 2GO truckers loan (10:22 a.m.)
MANILA -- The Development Bank of the Philippines (DBP) has approved P700 million worth of loans for the purchase of trucks of 2GO, the logistics arm of Aboitiz Transport System (ATS).
With this, Sabin Aboitiz, 2GO president and chief executive officer (CEO) encouraged Overseas Filipino Workers (OFWs) to avail of the DBP loan.
Truck drivers that have an existing contract with the firm can avail of the loan up to the next five to 10 years. One truck, he said cost P1 million.
2GO has partnered with DBP for the "roro" truckers loan program payable in five years with an 8.5 percent fixed rate per annum.
Among the requirements of the DBP in approving applications, the truckers should have at least one-year service with 2GO.
They are also advised to present collateral, assured market, and asset size.
2GO has increased its Ro-ro trucks to about 700 trucks from 50 during the initial stage in 2004.
The DBP also offers the loan program not only for ATS but also with other shipping lines. (FP/Sunnex) |
