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Manila Bulletin devider Business devider DBP lends P2.3-billion to Bataan economic zone

DBP lends P2.3-billion to Bataan economic zone

Published Aug 4, 2022 12:20 pm

The Development Bank of the Philippines (DBP) granted a P2.3-billion loan for a new economic zone in the coastal town of Pilar, Bataan.

announced

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the loan to real estate firm Diamond Land Resources, Inc. (DLRI), owned by New San Jose Builders, Inc. (NSJBI), will partially finance the first phase of the Bataan Harbor City (BHC) project,

DBP and DLRI loan signing,(from left) DLRI President Pedro R. De Leon; DBP Senior Vice President Catherine T. Camarao; DLRI Chairman and NSJBI President Cesar S. Sanqui, Jr.; DBP Chairman Alberto G. Romulo; NSJBI Chairman Jose Rizalino L. Acuzar; DBP President and CEO Emmanuel G. Herbosa; DBP Executive Vice President Paul D. Lazaro; and NSJBI Operations Head Ma. Isabel Jose O. Acuzar

BHC is a self-sustained community and a master-planned development composed of a 75.5-hectare industrial estate with a neighboring port facility and an integrated property with leisure, tourism, commercial and residential spaces.

"Bataan Harbor City will usher in a new era of prosperity in the province due to its potential to help attract foreign investments, generate economic opportunities, as well as create jobs for more Filipinos,” he stated.

DBP’s financing will focus on the horizontal development of the first phase of the project, which includes the industrial park, residential, leisure, and tourism components.

The project will contribute to the economic development of Pilar, a third-class municipality with a population of over 46,000 residents and dubbed as the historical-cultural tourism center of Luzon, according to DBP Executive Vice President for Development Lending Paul D. Lazaro.

BHC will provide local employment to at least 300 personnel annually and boost economic activity in the province, he pointed out.

"This economic zone is also a key investment promotion tool," Lazaro stressed.

"It will increase business, economic and spending activities in the area, while providing additional revenue to the local government in form of taxes, permits, and license fees.”

Related Tags

BATAAN ECONOMIC ZONE dbp dbp president emmanuel herbosa
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