The country’s first Moro-owned oil and fuel company will expand its operations in Mindanao after a banking company granted a three-year loan to Bangsamoro Oil and Fuels Corp. (Moro Oil).
Moro oil founder and President Amor Pendalilay said that Security Bank finally granted them a loan for expansion projects in the Southern province and even plans to put up business in Manila.
Moro Oil is a four-year organization based in Cotabato City, founded by Pendaliday, president and CEO.
Pendaliday, a former employee of the Bureau of Public Information of the Autonomous Region in Muslim Mindanao, said he and his partners established Moro Oil in 2016 to bring oil products 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 have looked dim. I don’t know if there are bias and prejudice against Moro businessmen, but you can feel it,” he noted.
“We continue to look for a bank, and we are glad we found one, Security Bank Corp., which broke the barriers of the exclusion of Muslim businessmen. Moro Oil is truly thankful and grateful to the management of Security Bank,” said Pendaliday.
“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.
Pendaliday assured bank officials that they will use the loan for their expansion as he looked forward for a stronger partnership ahead.
Two organizations helped Moro Oil connect with Security Bank, such as the Malaysia Chamber of Commerce and Industries, Philippines Inc. led by Eric Yam, co-founder and vice president, and the Bangsamoro Federal Business Council, Inc. under Datu Nasraili B. Conding, president.
Pendaliday said Moro Oil represents young Moro leaders’ aspiration to help promote economic and business engagements in Mindanao and help generate jobs, among others.