LANDBANK backs Pangasinan dev’t plan with P6-B loan

The Land Bank of the Philippines (LANDBANK) is supporting the Provincial Government of Pangasinan with a P6-billion loan to fast-track various priority transportation, health, education, tourism development and urban township projects of the Province.

Majority of the P6 billion omnibus term loan agreement worth P2.85 billion will fund big-ticket infrastructure projects designed to enhance mobility and upgrade healthcare services in Pangasinan.

Terminals, land ports, and bus stops will be built along the Pangasinan Link Expressway (PLEX) to complete an intermodal transportation system, designed to promote better mobility to local tourist destinations.

Also in the pipeline are the construction of seaports, the expansion of the Lingayen Airport, and the construction of a new airport in Bani which will support a salt farm resort likewise to be developed.

The LANDBANK loan will also cover the establishment and upgrading of provincial hospitals in the city of Urdaneta, and the municipalities of Lingayen, Tayug, San Carlos, Binalonan and Umingan.

“The P6-billion loan is in full support of Pangasinan’s development agenda towards a more inclusive, resilient, and sustainable local economy. This investment also underscores LANDBANK’s collaborative efforts for the province’s growth trajectory anchored on the efficient delivery of public service,” said LANDBANK President and CEO Cecilia Cayosa Borromeo.

LANDBANK will also provide financing worth P1.95 billion to boost tourism activities, which include the construction of a new hotel which will carry an international brand, among other resorts for construction, and the development of event and entertainment facilities.

The remaining P1.2 billion of the loan is allocated for the establishment of the Pangasinan Polytechnic College and the enhancement of several government centers.

Aside from financing support, LANDBANK also opened a Corporate Center in Urdaneta City last year to provide the Province of Pangasinan wider access to convenient and responsive banking services.

This year, LANDBANK will further expand its reach in the Province with three new ATMs in Alaminos City, Calasiao, and the unbanked municipality of Mapandan, alongside onboarding one Agent Banking Partner in Urbiztondo.