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LBC signs P1.6-billion loan deal with Union Bank for warehouse, land acquisition

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ABS-CBN News

<p>MANILA—LBC Express Inc on Tuesday said it has entered into a P1.6-billion loan agreement with Union Bank of the Philippines to partially finance the construction of a new warehouse and other purposes. </p><p>The deal includes a loan in the aggregate amount of P1.623 billion, LBC Express told the stock exchange.</p><p>Proceeds of the loan will be used for the construction of its new warehouse, importation and installation of a sorting machine, and land acquisition via loan takeout, the logistics firm added.</p><p>Logistics and warehousing demand in the Philippines have increased during the COVID-19 pandemic, as Filipinos relied on online shopping for their needs. </p><div> </div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/27/21/women-add-280b-e-commerce-southeast-asia-ifc">Women can add $280 billion to e-commerce in Southeast Asia: IFC report</a></li>	<li><a href="https://news.abs-cbn.com/business/11/27/20/e-commerce-seen-driving-ph-internet-economy-to-28-billion-by-2025-google">E-commerce seen driving PH internet economy to $28 billion by 2025: Google</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1642550" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Proceeds of the loan will be used for the construction of its new warehouse, importation and installation of a sorting machine, and land acquisition via loan takeout, LBC express said.</p>

Proceeds of the loan will be used for the construction of its new warehouse, importation and installation of a sorting machine, and land acquisition via loan takeout, LBC express said.