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LBC Express, Inc. has entered into a P1.623-billion loan agreement with Union Bank of the Philippines to partially finance construction of a warehouse
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The loan will also be used to import and install a sorting machine and acquire land
LBC Express, Inc. entered into a P1.623 billion loan agreement on May 31 with Union Bank of the Philippines (UBP) to partially finance the construction of its new warehouse.
The loan will also be used to finance importation and installation of a sorting machine and to acquire land, parent company LBC Express Holdings, Inc. (LBCEHI) said in a regulatory disclosure. No other details were provided.
READ: LBC net income down 58% in 2020
The group said its logistics systems continued to operate despite the COVID-19 outbreak. In 2020, additional exchange warehouses were established to cater to the volume increases and observe proper social distancing at all service locations.
Additional roll-on/roll-off trucks were also acquired to move shipments to the Visayas and Mindanao areas amid reduced airline capacity and infrequency of flights. A pick-up service was launched to provide options to customers, while additional manpower was hired to beef up capacities and resources and ensure continued operations.
LBC said the group has embarked on a recovery plan focused mainly on rebalancing and repositioning services toward new consumer needs and behaviors. The group also aims to rapidly innovate services and capabilities to leverage on the accelerated shift of consumers to e-commerce.
With this, LBC said it has been expediting its digital services both for retail and corporate customers.
LBC has a growing network of over 1,500 branches in the Philippines, over 300 hubs and warehouses, and thousands of partners and agents in over 30 countries.
