DBP lends 2.3 billion pesos to revive the Bataan economic zone
At the DBP and DLRI loan signing are (from left to right) DLRI Chairman Pedro de Leon; Catherine Camarao, Senior Vice President of DBP; Cesar Sanqui Jr., president of the DLRI and president of the NSJBI; the president of the DBP, Alberto Romulo; NSJBI President Jose Rizalino Acuzar; the Chairman and CEO of DBP, Emmanuel Herbosa; Paul Lazaro, executive vice president of DBP; and the Chief of Operations of the NSJBI, Ma. Isabelle José Acuzar. CONTRIBUTED PHOTO
The Public Development Bank of the Philippines (DBP) has provided a loan of 2.3 billion pesos for the creation of a new economic zone that will rise in the coastal town of Pilar in Bataan, a senior official said.
DBP President and CEO Emmanuel Herbosa said credit relief to top real estate company Diamond Land Resources Inc. (DLRI), owned by New San Jose Builders Inc., will partially fund the first phase of Bataan Harbor City (BHC) project.
“We at DBP believe that the port city of Bataan will usher in a new era of prosperity in the province due to its potential to attract foreign investment, generate economic opportunities and create jobs for more Filipinos,” Herbosa said. .
DBP is the sixth largest bank in the country by assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
The BHC is envisaged to become a self-contained community and a planned development consisting of a 75.5 hectare industrial area with an adjacent port facility and an integrated property with leisure, tourist, commercial and residential spaces. DBP’s financing will focus on the horizontal development of the first phase of the project, which includes the industrial park, residential and recreational tourism components.
Paul Lazaro, DBP’s executive vice president for development lending, said the project is expected to contribute significantly to the economic development of Pilar, a third-class municipality with a population of over 46,000 and dubbed the tourist hub. history and culture of Luzon.
He said the BHC is expected to provide local employment to at least 300 people a year, adding that “…the project is expected to stimulate economic activity in the province.”
“As an economic zone, we envision this initiative as a key investment promotion tool that increases business, economic and spending activity in the region, while providing additional revenue to the local government in the form of taxes, permits and licensing fees,” added Lazaro.