CLARK FREEPORT - The Clark Development Corporation (CDC) has signed a P10-million lease agreement with the Philippine Veterans Bank (PVB) for the development of commercial building.

CDC President Benigno N. Ricafort said the PVB will develop a commercial building where its permanent banking facility, a food court and canteen for CDC employees, will be housed.

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The bank management will also allot and lease office spaces within the building.

Ricafort added that the new building will be located at the former Home Plate building along E. Quirino Street here.

The CDC has granted a 25-year lease term to the PVB, which is renewable upon such terms and conditions mutually agreeable to both parties.

At least 14 workers will be employed once the bank is fully operational.

Ricafort and PVB President Ricardo Balbido signed the lease agreement before CDC and bank officials, including CDC Assistant Vice President for Legal Affairs Jose Cornelio Lukban and PVB Assistant Vice President Paul Tuazon.