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Tuesday, August 16, 2005
Veterans Bank approves P70-M loan for Goldland
Philippine Veterans Bank (PVB) has granted a P70-million credit line for Goldland Philippines Corp. (GPC), which is developing the Hilton Cebu Resort and Towers in Mactan, Cebu in a joint venture with the Hilton Group PLC UK.
PVB granted the additional one-year credit line to finance GPC’s working capital requirements.
Early last year, Veterans Bank also approved a P380-million term loan to Goldland Philippines secured by a guarantee from the Philippine Export-Import Credit Agency.
The seven-year loan financed the completion and operation of the Hilton Cebu Resort and Towers.
Components
The P1.5-billion Hilton Cebu project has three major components: the five-star resort hotel that opened last year, the residential condominiums and the Resort Club. The entire complex is managed by Hilton International, the oldest hotel chain in the world.
A private commercial bank, Veterans Bank has been actively pursuing partnerships for development projects in the countryside.
“These needed investments will give an added boost to the domestic economy of Cebu and other nearby areas,” said PVB president and chief executive officer Ricardo Balbido Jr. (PR)
(August 16, 2005 issue)
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