DBP finances Ilocos Norte hotel and convention center
Manila (6 December) -- State-owned Development Bank of the Philippines (DBP) recently granted a P475 million term loan to the provincial government of Ilocos Norte to finance the construction of the Ilocos Norte Hotel and Convention Center in Barangay Balacad, Laoag City.
DBP president and chief executive officer Reynaldo G. David said the project will provide first-class accommodations to tourists and investors in the province. The project features a three-storey hotel with 100 rooms, a single-storey banquet style convention center that can accommodate 600 persons, a dormitory that can house 216 guests, a mess hall and administration building, and a chapel.
David added that the hotel will offer affordable room rates, and in the process help Ilocos Norte boost its image as a premiere tourist destination and growth center in the north. He also stressed that the Bank’s assistance is in line with DBP’s thrust to promote community development by financing critical infrastructure such as housing, hospital, hotels, and schools.
The province of Ilocos Norte is generally considered to be an ideal destination for tourists and businessmen from cities in nearby East Asia.
The province has an international airport that serves both direct international and local flights, as well as an international seaport.
Visitor arrival in the province has been on an upswing since 2000, with a high of 185,291 visitors registered in 2005. (PIA-MMIO) [top]