Pasay Harbor City Corporation (“PHCC”), the Joint Venture partner of the City of Pasay for the 265-hectare Pasay Reclamation Project, has closed on June 28, 2022 its Php 57-Billion Syndicated Loan Agreement, with five of the country’s largest banking institutions. With the loan in place, PHCC secures funding for the completion of the Project, the future site of Metro Manila’s premier central business district by the bay. The Project is part of the Pasay Eco City Grand Vision to build a sustainable, eco-friendly, and world-class metropolis consistent with its mission to promote the quality of life of its people.
The signing was led by PHCC’s Chairman, Carlos S. Gonzalez, its President, Manuel S. Gonzalez, and its counsels; Atty. Roan Libarios of Libra Law, and Atty. Santiago T. Gabionza, Jr. of VGD Law. This investment is a much-needed boost to the economy still saddled by the effects of the COVID-19 pandemic, creating jobs and economic multipliers, and positioning Pasay as the next leading business, investment and tourism hub in the country.
The Loan Agreement was made possible due to the approvals of the Bank Lenders following months of required due diligence, particularly: PNB Capital led by its President/ CEO Gerry B. Valenciano and PNB Executive Vice President Cenon C. Audencial Jr.; BDO Unibank led by Executive Vice President Jeannette S. Javellana; Metrobank led by First Vice President Christopher Hector L. Reyes and First Vice President Mercedes P. Uyboco; Landbank led by Senior Vice President Gonzalo Benjamis A. Bongolan; DBP led by President/ CEO Emmanuel G. Herbosa ; and the Lenders’ Counsel, Marievic G. Ramos-Añonuevo of SyCip Salazar Hernandez and Gatmaitan.
To date, the Project has reclaimed 117-hectares of submerged lands above water: a testament to the technical capabilities and synergy of PHCC and its EPC Contractor, Netherlands-based Royal Bosaklis Westminster N.V., 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.