Landbank earmarks P6B for Pangasinan’s big-ticket projects
Land Bank of the Philippines (Landbank) has set aside P6 billion as a lending kitty for the Pangasinan provincial government’s big-ticket projects, including those related to the planned 166-kilometer Pangasinan Link Expressway (PLEX).
“The P6-billion loan is in full support of Pangasinan’s development agenda toward a more inclusive, resilient, and sustainable local economy,” Landbank president and chief executive officer Cecilia Borromeo said in a statement.
“This investment also underscores Landbank’s collaborative efforts for the province’s growth trajectory anchored on the efficient delivery of public service,” Borromeo said.
The omnibus loan package is intended to help fast-track priority projects in transportation or mobility, health, education, tourism development and urban township projects in the province.
A big chunk or P2.85 billion of the term loan agreement with Pangasinan is for infrastructure projects designed to enhance mobility and upgrade healthcare services in the province.
Regarding the PLEX, formerly called Pangasinan East-West Expressway, the provincial government plans to have terminals, land ports, and bus stops built along the expressway to complete an intermodal transportation system that is designed to promote better mobility to local tourist destinations.
Terminals, land ports, and bus stops will be built along the planned expressway to complete an intermodal transportation system, designed to promote local tourist destinations.
The province is also building seaports and expanding the Lingayen airport in the provincial capital. A new airport is planned for construction in Bani town.
In addition, the loan package will cover the establishment or upgrading of provincial hospitals in the cities of Urdaneta and San Carlos, and the towns of Lingayen, Tayug, Binalonan, and Umingan.
Landbank will also provide financing worth P1.95 billion to boost tourism activities, which include the construction of a new hotel “with an international brand,” among other resorts for construction, and the development of event and entertainment facilities.
The remaining P1.2 billion loan is allocated to the establishment of the Pangasinan Polytechnic College and the enhancement of several government centers.