Economy · August 4, 2022

DBP will finance the new economic zone in Bataan for P2.3 billion

The STATE-managed Development Bank of the Philippines (DBP) reports that it is set to finance the establishment of a new economic zone in the coastal city of Pilar in Bataan.

DBP President and CEO Emmanuel G. Herbosa said the credit assistance was worth £ 2.3 billion and was extended to real estate company 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 the port city of Bataan will usher in a new era of prosperity in the province with its potential to help attract foreign investment, generate economic opportunities and create jobs for more Filipinos,” said Herbosa.

The sixth largest bank by asset provides credit support to four strategic sectors of the economy: infrastructure and logistics; micro, small and medium-sized enterprises; the environment; and, social services and community development.

The BHC is expected to become a self-sustaining community and planned development consisting of an industrial area of ​​75.5 hectares with a nearby port facility and an integrated property with recreational, tourist, commercial and residential spaces.

The DBP said its funding will focus on the horizontal development of the first phase of the project, which includes the industrial park, residential, recreational and tourism components.

Paul D. Lazaro, DBP’s executive vice president for development loans, said the project should contribute significantly to the economic development of Pilar, a third-class municipality with a population of over 46,000 and dubbed the tourist-cultural center. of Luzon.

Lazaro said the BHC should provide local jobs for at least 300 employees per year.

“As an economic zone, we envision this initiative as a key investment promotion tool that increases economic, economic and spending activities in the area, while providing additional revenue to the local government in the form of taxes, permits and royalties,” added Lazaro. .