Landbank lends P4.3 billion for Pangasinan projects

MANILA, Philippines — State-run Land Bank of the Philippines has approved a P4.3-billion financing for various projects in Pangasinan.

Landbank said it granted the loan financing to the provincial government to boost countryside development, particularly in the delivery of public, health, and tourism services.

The loan is part of a P6-billion omnibus term loan agreement signed earlier this year.

Bulk of the loan at P1.8 billion will fund the construction of an 11-story government center in Lingayen that will house the offices of various agencies.

Another P758 million will be allotted for the purchase of advanced hospital equipment for enhanced delivery of healthcare services.

This will be provided to the Pangasinan Provincial Hospital and 13 more smaller hospitals in the province.

Some P700 million will also be earmarked to fund the acquisition of land and construction of support facilities for the Bolinao Airport.

The province will use another P500 million to establish a corporate center for businesses and other commercial spaces to help stimulate local economic activity.

The remaining P500 million will finance the development of the Provincial Capitol Complex.

Landbank president and CEO Lynette Ortiz said the bank remains committed in aiding Pangasinan toward a more inclusive and sustainable local economy through its wide array of support services.

“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 said.