The Land Bank of the Philippines (LANDBANK) has approved three term loan facilities totaling P300 million to help expand and boost the commercial center and amusement park facilities of Gloria de Dapitan, Inc. (GDDI) in Dapitan City.
Of the total amount, P145 million will finance the proposed construction of a commercial complex to house a hypermarket mall and a twin theatre to be equipped with state-of-the-art cinema and background music systems.
Another P145 million will finance the acquisition of additional amusement rides in GGDI’s theme park known as Gloria’s Fantasy Land while the remaining P10 million be used to acquire additional sound system for the theme park.
“We at LANDBANK believe that apart from basic infrastructure, entertainment and recreational facilities are essential part of developing local economies. We are confident that these additional facilities will not only attract more visitors but will also bring livelihood and employment opportunities especially to the residents of Dapitan City,” said LANDBANK President and CEO Gilda Pico.
The memorandum of agreement was signed by Gloria de Dapitan Chairman and President Rossini Montecalvo, Baliangao Mayor and GDDI Treasurer Svetlana Jalosjos and LANDBANK President and CEO Pico.