July 19, 2022

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Pasay City lauds P57-B loan grant for Harbor City Project

The city government of Pasay has lauded the approval of the P57-billion syndicated loan agreement to fund a gigantic project that will be put through in the city.

It congratulates its venture partner Pasay City Harbor City Corp. (PHCC) for closing the P57-Billion Syndicated Loan Agreement to build the 265-hectare Harbor City Reclamation Project.

With this development, funding for the enormous project will be secured until its completion.

‘The Project is part of the Pasay Eco City Grand Vision to build a sustainable, eco-friendly, and world-class metropolis,’ the city government said on its website.

And that their goal is ‘consistent with its mission to promote the quality of life of its people,’ it added.

With that, the city government recognizes the PHCC leadership through its Chairman Carlos S. Gonzalez, President Manuel S. Gonzalez, Atty. Roan Libarios of Libra Law and Atty. Santiago Gabionza of VGD Law for forging the partnership.

‘This investment is a much-needed boost to the economy still reeling from the COVID-19 pandemic creating jobs and economic multipliers and positioning Pasay as the next investment and tourism hub,’ the LGU pointed out.

The city government also thanked PNB Capital and the same goes to the officers of BDO, Metrobank, Landbank, and DBP for approving the project funding.

To date, the project has already reclaimed 117 hectares of submerged lands above water, a testament to the capabilities of PHCC and its EPC contractor Netherlands-based Royal Boskalis Westminster N.V. as one of the world’s top dredging companies.

The project is set to be completed with horizontal development in 2028 including roads, bridges, drainage, water, power, sewerage, communications, and other primary utilities and facilities.

 

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