STATE-run Land Bank of the Philippines (LandBank) announced having extended a P4.3-billion loan to the provincial government of Pangasinan to improve the province’s public, health and tourism services.
The Landbank said the amount was part of a P6-billion omnibus term loan agreement signed between the local government unit (LGU) and the state-run bank earlier this year. The loan agreement seeks to bankroll development projects in Pangasinan.
“LandBank remains committed to supporting Pangasinan’s transformative journey towards a more inclusive and sustainable local economy through our wide array of support services,” LandBank president and CEO Lynette V. Ortiz was quoted in a statement as saying.
“We look to expedite progress within the Province for the improved delivery of basic and medical services, increased socio-economic activities, and a more robust local tourism sector,” Ortiz added.
LandBank said about P1.8 billion of the loan facility would be used by Pangasinan to construct an 11-storey government center in Lingayen Municipality. The center would house various offices of both the provincial and national government agencies.
Meanwhile, another P500 million would be used for the development of Pangasinan’s provincial capitol complex.
“To provide better healthcare for Pangasinenses, P758 million will be used for the purchase of advanced hospital equipment, including computed tomography (CT) scanners, x-ray, magnetic resonance imaging (MRI), and ultrasound machines for the Pangasinan Provincial Hospital, six district hospitals and seven community hospitals in the province,” the Landbank said.
“Meanwhile, P700 million is set to fund the acquisition of land and construction of support facilities for the Bolinao airport in Bolinao, Pangasinan,” Landbank added.
Lastly, the remaining P500 million will be used to construct a corporate center for businesses and other commercial spaces as part of the province’s bid to boost its local economic activity, according to the state-run bank.
“We’re rolling out and implementing impactful projects that will boost the economy and improve the lives of our people,” Pangasinan Governor Ramon V. Guico III was quoted in the statement as saying. “We are thankful for our partners like Landbank, who are ready to support us as we invest in the future of Pangasinan.”