THE Philippine Guarantee Corp. (PGC) has yet to provide Chelsea Logistics and Infrastructure Holdings Corp. a credit guarantee coverage since an application by a bank is needed for the coverage, it said.
Citing a report from PGC, Finance Secretary Carlos G. Dominguez III told reporters in a Viber message “Chelsea has a pending loan application with a local bank. It depends on how much the bank will approve and then it can apply for credit guarantee coverage from PhilGuarantee (PGC).”
No bank has applied so far, PGC said.
In a disclosure to the local bourse on Monday, Dennis A. Uy’s Chelsea group confirmed that it was working with PGC since the company might reach the single borrowers’ limit with one of its financing bank.
According to the statement, the guarantee that it is trying to secure from PGC “is limited to the loan of approximately P700 million.”
The group assured that it is capable to cover all of its loan obligations “supported by its strong EBITDA (earnings before interest, taxes, depreciation and amortization).” — Beatrice M. Laforga
