LANDBANK lending P6 billion to Pangasinan
THE Land Bank of the Philippines (LANDBANK) said on Thursday it approved a P6-billion loan to Pangasinan province for transportation, health, education, and tourism development projects.
“The P6-billion loan is in full support of Pangasinan’s development agenda towards a more inclusive, resilient, and sustainable local economy. This investment also underscores LANDBANK’s collaborative efforts for the province’s growth trajectory anchored on the efficient delivery of public service,” LANDBANK President and Chief Executive Officer Cecillia C. Borromeo said.
Some P2.85 billion will come in the form of an omnibus term loan agreement and will finance infrastructure projects to enhance mobility and upgrade healthcare services in Pangasinan, the bank said in a statement.
These include the 166-kilometer Pangasinan East-West Expressway (PEWEX), which will connect the province’s easternmost municipality of Umingan to the westernmost town of Infanta.
Terminals, land ports, and bus stops will be built along PEWEX to promote tourism along the expressway.
The government is also eyeing the construction of seaports, the expansion of Lingayen Airport, and the construction of a new airport in Bani, which will also support the development of a salt farm resort.
LANDBANK said the loan will also finance the establishment and upgrading of provincial hospitals in Urdaneta City, Tayug, San Carlos, Binalonan and Umingan.
Some P1.95 billion will go towards the renovation of the Capitol Resort Hotel and the construction of other resorts.
It will also be used to develop events and entertainment facilities, LANDBANK said.
“The remaining P1.2 billion of the loan is allocated for the establishment of the Pangasinan Polytechnic College and the enhancement of several government centers,” the bank said. — Aaron Michael C. Sy