STATE-run Development Bank of the Philippines (DBP) reported that it is set to finance the establishment of a new economic zone in the coastal town of Pilar in Bataan.
DBP President and CEO Emmanuel G. Herbosa said the credit assistance amounted to P2.3 billion and was extended to real estate firm Diamond Land Resources Inc. (DLRI).
The loan is expected to partially finance the first phase of the Bataan Harbor City (BHC) project.
“We in DBP believe that the 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,” Herbosa said.
The sixth-largest bank in assets 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 envisioned to become 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.
The DBP said its financing will focus on the horizontal development of the first phase of the project, which includes the industrial park, residential, leisure, and tourism components.
DBP Executive Vice President for Development Lending Paul D. Lazaro said the project is expected to significantly 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.
Lazaro said the BHC is expected to provide local employment to at least 300 personnel annually.
“As an economic zone, we foresee this initiative as a key investment promotion tool which increases business, economic and spending activities in the area, while providing additional revenue to the local government in form of taxes, permits, and license fees,” Lazaro added.
