Security Bank breaks barrier, grants loan to Bangsamoro Oil company
ONE of the Philippines’ top 5 financial institutions has broken the barrier of exclusion in the banking industry as it granted a three-year loan to the Bangsamoro Oil and Fuels Corporation (Moro Oil).
Moro Oil is a four-year-old company based in Cotabato City, founded by Datu Amor Pendaliday, Ed., president and CEO.
Pendaliday, former employee of the Bureau of Public Information of the Autonomous Region in Muslim Mindanao (ARMM-BPI), said he and his partners established Moro Oil in 2016 to bring the product closer to Mindanao residents.
To date, he said, the company had established four filling stations, such as in Matanog, Maguindanao; General Santos City, South Cotabato; Sultan Kudarat, Maguindanao; and Cotabato City.
Pendaliday said they are also operating filling stations on behalf of Sea Oil in Midsayap, North Cotabato; Tacurong, North Cotabato; Koronadal City, South Cotabato.
“We hope to expand our business like any company does in the country and across the world. We have applied for a loan with some big banks with branches in Mindanao, but the odds in being accepted is slim. I don’t know if there are bias and prejudice against Moro businessmen, but you can feel it,” he noted.
“We continued to look for a bank, and we are glad we found one, Security Bank Corporation, which broke the barrier of the exclusion of Muslim businessmen. Moro Oil is truly thankful and grateful to the management of Security Bank,” said Pendaliday.
“Kung alam nyo lang, maski sa Amanah Bank hindi kami nakautang ng perang pangpalaki ng negosyo namin (If you only know, even in Amanah Bank we were not able to borrow for the expansion of our business,” the Moro Oil president said.
He was referring to the Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP), “a universal bank authorized to perform and provide Islamic banking, financing and investment services” by virtue of Republic Act 6848. It’s a subsidiary of the Development Bank of the Philippines (DBP).
Pendaliday assured the Security Bank officials they will use the loan proceeds for their expansion as he looked forward to hopes for a stronger partnership ahead.
Cristina A. Samson, assistant manager/account manager, Small Business Lending Department, Security Bank Corporation, and Pendaliday, signed the loan contract.
Two organizations helped Moro Oil connect with Security Bank, such as Malaysia Chamber of Commerce and Industries, Philippines, Inc. led by Eric Yam, co-founder and vice president, and the Bangsamoro Federal Business Council, Inc. (BFCBI) under Datu Nasraili B. Conding, president.
To demonstrate their support, Yam and Conding stood as witnesses when Security Bank and Moro Oil signed their contract on August 4 for a loan the amount of which was not available.
Michael N. Santos, business manager, Security Bank, EDSA Magallanes Branch, and Moro Oil treasurer Samim S. Yusoph signed as witnesses. The signing was held at the Security Bank Corporation Head Office along Ayala Avenue, Makati City.
Conding welcomed the signing, describing it as a vote of confidence from the country’s top 5 banking institution.
“We support this fully; Moro Oil is a flagship industry being supported and encouraged by the BFBCI,” he said. “By striking a partnership with the 5th largest bank in the country, this is a big boost.”
With the partnership, the BFBCI president said his group’s promotion of industries and economic endeavors for the Moro people has now shifted to top gear.
Pendaliday and Conding encouraged other financial institutions to follow the lead of Security Bank and embrace inclusion and bring to the fold Moro-organized micro, small and medium enterprises (MSMEs).
Aside from BFBCI, Moro Oil is also a member of the European Chamber of Commerce of the Philippines; General Santos City Chamber of Commerce and Industry, Inc.; Cebu Chamber of Commerce and Industry, Inc.; and Metro Cotabato Chamber of Commerce and Industry Foundation, Inc. Moro Oil is registered with the Securities and Exchange Commission (SEC).
The company is described as “a pioneering domestic corporation of Bangsamoro entrepreneurs to engage in the business of petroleum industry.”
Pendaliday said Moro Oil represents young Moro leaders’ aspiration to help promote economic and business engagements in Mindanao, help generate jobs, and spur economic activities, among others. (EKU)