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Thursday, March 28, 2024

LandBank, Manila sign P10-billion loan deal

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State-run Land Bank of the Philippines, the fourth-largest lender in terms of assets, recently signed a P10-billion loan agreement with the city government of Manila to upgrade health, educational, tourism and public service facilities.

The bank said in a statement Tuesday the loan agreement was signed on Nov. 11, 2019 under LandBank’s Omnibus Term Loan Facility. The bank said the agreement would complement Manila Mayor Isko Moreno’s campaign to clean up the streets of the capital city from garbage and eyesores.

The loan facility will be used to finance the construction and renovation of the Ospital ng Maynila Medical Center, the Pamantasan ng Lungsod ng Maynila School of Medicine Building, the new City Hall building, and the Manila Sky Deck.

Also included are the rehabilitation of Manila Zoo and the development of Pandacan depot into a commercial district, and the acquisition of equipment, furniture, and fixture for these projects. 

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