USD 220M bridge loan under China's USD 3B financing package for PHL

Chealsea Logistics Corp. (CLC) signed a USD220-million bridge loan agreement with Bank of China Ltd. as it works toward a bigger role in the country's transportation and logistics industry on Thursday (May 18, 2017) at Shangri-la Hotel in Makati City. Bank of China initially granted the loan under the USD3-billion financing package it committed during the state visit of President Rodrigo R. Duterte to China in October last year to help sustain the growth of the Philippine economy. Photo (from left) shows Mr. Michael Dela Cruz, Managing Director, Bank of China Limited, Manila Branch; Mr. Deng Jun, Country Head, Bank of China Limited, Manila Branch; Mr. Dennis Uy, Chairman of the Board of Logistics Corporation and president of Udenna Corp.; and Ms. Cherylyn Uy, treasurer of Chelsea Logistics Corp. and Udenna Corp. (PNA photo by Jess M. Escaros Jr.)