P4.2 billion loan to finance P’sinan projects

  Development News

Gabriel L. Cardinoza 

Gov Ramon  Guico 3rd recently signed a P4.2-billion sub-loan agreement with the Land Bank of the Philippines (LandBank) to finance various provincial government projects designed to upgrade health care and other government services in Pangasinan.

    The signing ceremony, which was held at the LandBank main office in Manila last week, was witnessed by Pangasinan and LandBank officials.
    “We appreciate your coming all the way here in Manila to seal this sub-loan agreement,” said Lynette Ortiz, LandBank president and chief executive officer, welcoming Guico and other provincial government officials.
    The approved loan is a component of the P6-billion omnibus term loan facility that the provincial government and LandBank signed in February after the provincial board authorized the governor to sign and enter into the loan agreement.
    About P1.8 billion will be used to construct an 11-story government center in Lingayen town. The rest of the amount will be for the acquisition of hospital equipment, the construction of an eight-story corporate tower and redevelopment of the capitol complex in Lingayen, and the acquisition of support facilities for the establishment of an airport in Bolinao.
    The hospital equipment, consisting of ultrasound and X-ray machines, CT (computed tomography) scans, and an MRI (magnetic resonance imaging) machine, will be installed in the hospitals run by the provincial government.
The province operates six district hospitals, seven community hospitals and a provincial hospital in San Carlos City.
    “We are pleased that most of your priority projects are now set to take off. We wish you all the very best,” said Ortiz.
    Guico said that in signing the loan agreement, he was debunking the perception that a local chief executive who incurs loans is not faring well in running the local government unit’s affairs.
    “That’s not true,” Guico said in his message after signing the loan agreement.
“    If you want to fast-track growth, you have to have financing. What you can do in nine years, three terms of politicians like us, I think you can do it in one term, provided that you avail of financing,” he added.
    But he said that the projects should create a good impact on the constituents and the LGU so as not to waste the funds used to finance them.
    Guico said that when he assumed office in 2022, he immediately strengthened the corporate function of the provincial government, which, he said, has not been given much attention.
    To realize this, he added, the provincial government has been establishing businesses for the province and exploring avenues where it can increase its revenues.
    “So, if you notice, we are rolling out and implementing big projects that we think will boost the economy and improve the lives of our people,” Guico said.
    “We’re now investing for the near future of Pangasinan. We can reap the rewards within five years times if we play it right and if there are more partners like you to finance us.”
    Ortiz said that as the provincial government’s long-time development partner, LandBank has remained committed to supporting the province’s transformative journey toward a more inclusive and sustainable local economy through its wide array of support services.
    “And we ensure safeguarding the provincial government’s deposits with the LandBank, along with other LGUs. You are in a very safe and stable bank, Governor. We assure you of that,” said Ortiz.
She also thanked Guico and the provincial government for “your unwavering trust and patronage.”
“    Let us continue to advance inclusive and sustainable development towards building a more prosperous and thriving community for the Pangasinense,” said Ortiz.