ARCHIPELAGO Philippines Ferries Corp. (APFC), the company behind ferry operator FastCat, has signed a P1.8-billion loan agreement with the Philippine National Bank (PNB) to bankroll its fleet expansion.
Specifically, the amount will be used to finance the construction of five new ferries, part of the company’s modernization program.
APFC aims to expand its fleet to 30 vessels by 2020.
“With the construction and funding of these new vessels, FastCat is moving a step forward in modernizing the industry. The addition of these new vessels will open up new routes, which will connect travelers and tourists to more diverse destinations in the country,” APFC President Christopher S. Pastrana said on Wednesday.
Currently, the company operates about a dozen ferry routes in Luzon, the Visayas and Mindanao.
He noted the newly designed ferries have incorporated enhanced features for added safety, power efficiency and comfort. Additionally, it uses solar power and has special amenities that are user-friendly to the elderly and persons with disabilities.
“It will boost trade among neighboring islands and support the local economy. Farmers, fishermen, craftsmen and various producers will be able to transport their goods to far-flung places faster and at a lower cost,” Pastrana said.
FastCat aims to become a leading player in providing comprehensive travel solutions.