The Philippine Development Bank (DBP) has said it intends to finance the creation of a new economic zone in the coastal city of Pilar in Bataan.
DBP President and CEO Emmanuel G. Erbosa said the loan assistance amounted to 2.3 billion pesos and was provided 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 at DBP believe that Bataan Harbor City will usher in a new era of prosperity for the province through its potential to attract foreign investment, create economic opportunities, and create jobs for more Filipinos,” Herbosa said.
The sixth largest bank in terms of assets provides lending support to four strategic sectors of the economy: infrastructure and logistics; micro, small and medium enterprises; environment; and social services and community development.
BHC is expected to become a self-sufficient community and planned development consisting of a 75.5 hectare industrial estate with an adjacent port facility and an integrated property with entertainment, tourism, commercial and residential facilities.
DBP said its funding will focus on the horizontal development of the project’s first phase, which includes industrial park, housing, recreation and tourism components.
DBP Executive Vice President Development Lending Paul D. Lazaro said the project is expected to make a significant contribution to the economic development of Pilar, a third-class municipality of more than 46,000 residents that has been described as Luzon’s historical and cultural tourism hub.
Lazaro said BHC is expected to employ at least 300 local employees annually.
“As an economic zone, we view this initiative as a key investment promotion tool that increases business, economic and spending activity in the area, while providing additional revenue to the local government in the form of taxes, permits and license fees,” Lazaro. added .