State-owned Land Bank of the Philippines (LANDBANK) has recently granted a total of P4.3 billion worth of sub-loans to finance various development projects in Pangasinan.
The loan is a component of the P6 billion omnibus term loan deal that the bank inked with the provincial government earlier this year.
Photo shows Pangasinan Governor Ramon V. Guico III (3rd from left) and LANDBANK President and CEO Lynette V. Ortiz (4th from left) as they lead the signing of a P4.3 billion sub-loan agreement to finance Pangasinan’s various development projects at the LANDBANK Plaza in Malate, Manila. Joining them are (from left:) Provincial Administrator Melicio F. Patague II, Vice Governor Mark Ronald DG. Lambino, and LANDBANK Senior Vice Presidents Ma. Celeste A. Burgos and Filipina B. Monje (rightmost).
The signing of the loan agreement was led by Pangasinan Governor Ramon V. Guico III and LANDBANK President and CEO Lynette V. Ortiz. It was held at the LANDBANK Plaza in Malate, Manila.
They were joined by Vice Governor Mark Ronald DG. Lambino, Provincial Administrator Melicio F. Patague II, Acting Provincial Treasurer Cristy C. Ubando, Provincial Legal Officer Atty. Baby Ruth F. Torre and Provincial Accountant Atty. Marlon C. Operaña, along with LANDBANK Senior Vice Presidents Ma. Celeste A. Burgos and Filipina B. Monje.
Facade shot of LANDBANK’s office building in Pangasinan
According to Ms. Lynette Ortiz, President and CEO of LANDBANK, the bank remains committed to helping provide Pangasinan with a wide range of support services, and the bank’s ultimate goal is to assist the province in developing a more sustainable and inclusive local economy.
“Our goal is to accelerate the province’s progress toward better socio-economic activities, enhanced basic and medical service delivery, and a stronger local tourism industry,” Ms. Ortiz stated in a press statement.
LANDBANK’s top executive also stated that the provincial government of Pangasinan was granted the loan to help the province finance its ongoing rural development programs, specifically in areas related to providing public health and tourism-related services.
Loan to help accelerate Pangasinan’s progress
Among the projects to be undertaken includes the construction of an 11-story government center in Lingayen, which will house the offices of numerous agencies in the city. It will be funded in large part by the bank through the P1.8 billion loan component of the deal.
An additional P758 million will also be allocated for the procurement of cutting-edge medical equipment to help improve the provision of healthcare services in Pangasinan. The Pangasinan Provincial Hospital as well as thirteen other smaller hospitals in the province will receive the new medical equipment.
Meanwhile, P700 million will be used for the construction of the Bolinao Airport’s support infrastructure as well as for purchase.
The province will also invest an additional P500 million to create a corporate center for companies and other commercial areas. The investment forms part of the provincial government’s efforts to help boost regional economic activity in the area,
Finally, the remaining P500 million will be used to finance the Provincial Capitol Complex’s development in the coming years.