Philippine LBC Express said on Tuesday that it has reached a P1.6 billion loan agreement with Unio Bank of the Philippines to provide part of the funding for the construction of new storage and other uses. LBC Express told the stock exchange that the agreement includes a loan of 163 million pesos.
The logistics company added that the loan proceeds will be used to build its new warehousing, import and install sorters, and purchase land through loans. During the COVID-19 pandemic, the demand for logistics and warehousing in the Philippines has increased, as Chinese people rely on online shopping to meet demand.
Source: Feilong.com
