CITY OF SAN FERNANDO The Bataan Harbor City project in Pilar town in Bataan province---an envisioned self-sustained community and a master-planned development composed of a 75.5-hectare industrial estate with a neighboring port facility and an integrated property with leisure, tourism, commercial and residential spaces---recently got a boost from Development Bank of the Philippines (DBP) which extended a P2.3-billion loan for its phase one development.
DBP Executive Vice President for Development Lending Paul Lazaro, said in a statement that the credit assistance granted to real estate firm Diamond Land Resources Inc., owned by New San Jose Builders Inc., will partially finance the first phase of the project focused primarily on the horizontal development of the project which includes the industrial park, residential, leisure, and tourism components.
This is expected to significantly contribute to the economic development of Pilar, a third-class municipality with a population of over 46,000 residents and dubbed as the historical-cultural tourism center of Luzon. It is also expected to provide local employment to at least 300 personnel annually, thus, boosting the economic activity of the province.
“As an economic zone, we foresee this initiative as a key investment promotion tool which increases business, economic and spending activities in the area, while providing additional revenue to the local government in form of taxes, permits, and license fees,” Lazaro said.
For his part, DBP President and Chief Executive Officer Emmanuel Herbosa noted the possible impact to the economy in establishing a new economic zone in the province.
“We in DBP believe that the Bataan Harbor City will usher in a new era of prosperity in the province due to its potential to help attract foreign investments, generate economic opportunities, as well as create jobs for more Filipinos,” he said.