PhilGuarantee: No pending application for Chelsea loan yet !-- --
's P700-million loan from any bank. In a text message, to reporters, PhilGuarantee clarified it does not deal directly with borrowers, but rather banks that extend loans to private corporations.
"We deal with banks. So far, we have not received any application from any of our partner-banks on Chelsea," PhilGuarantee said.
The state guarantor also reiterated this in a text message to Finance Secretary
It depends on how much the bank will approve and then it can apply for credit guarantee coverage from PhilGuarantee," the agency said. "No bank has yet applied for guarantee coverage for a loan to Chelsea," it added.
In a disclosure to
As set by the Bangko Sentral ng Pilipinas (BSP), the single borrower's limit caps the total amount of credit accommodation to any person or entity to 25 percent of the bank's net worth. "For this loan obligation for vessel acquisition, the group will actually execute a chattel mortgage over the subject vessel and thus the loan is fully secured.
Hence, there is no exposure for PGC when it extends this guarantee to the group," the company said. Furthermore, Chelsea said it is capable of covering all its loan obligations, supported by its strong EBITDA (earnings before interest, taxes, depreciation and amortization).
Chelsea Logistics posted a net profit of
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