THE Land Bank of the Philippines has signed a P600-million loan to PNOC Shipping and Transport Corp. (PSTC), the bank said in a statement over the weekend.

LandBank said the loan will be used to finance the acquisition of a tanker vessel and the importation of spare parts for PSTC’s existing tankers.

PSTC is a wholly owned subsidiary of the Philippine National Oil Co. engaged in sea transport of processed petroleum products.      

It is one of the key service providers of Petron Corp. The company currently maintains four tankers which can transport 23,000 to 30,000 barrels. The agreement was signed between Land Bank president and CEO Gilda Pico and PSTC president and CEO Manuel Puey.  

Also present at the signing were Land Bank Agrarian and Domestic Banking Sector head Wilfredo Maldia, Institutional Banking and Subsidiaries Sector head Cecilia Borromeo, Accounts Management Group head Edward John Reyes, PSTC Finance and Administrative Services manager Edgardo Agbay and Operations and Maintenance manager Norberto Corpuz.

In its website, PSTC said it is currently carrying out a tanker replacement and modernization program and plans to implement a computer-based procurement system to streamline its business transactions.

Upon completion of the system, all suppliers will be required to submit their bids electronically.

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LBP OK’s P.6-B loan for shipper

THE Land Bank of the Philippines has signed a P600-million loan to PNOC Shipping and Transport Corp. (PSTC), the bank said in a statement over the weekend.