Philippine Veterans Bank (PVB) recently granted a P70-million credit line for Goldland Philippines Corporation (GPC), which is developing the Hilton Cebu Resort and Towers in Mactan, Cebu in a joint venture with the Hilton Group PLC UK. PVB granted the additional one-year credit line to finance GPC’s working capital requirements.

Early last year, Veterans Bank also approved a P380-million term loan to Goldland Philippines Corporation secured by a guarantee from the Philippine Export-Import Credit Agency (PhilEXIM). The seven-year loan financed the completion and operation of the Hilton Cebu Resort & Towers, expected to benefit millions of local and foreign visitors to Cebu.
The P1.5B Hilton Cebu project has three major components: the 5-star resort hotel that opened last year; the residential condominiums; and the Resort Club. The entire complex is managed by Hilton International, the oldest hotel chain in the world.

A private commercial bank, Veterans Bank has been actively pursuing partnerships for development projects in the countryside.

"These needed investments would give an added boost to the domestic economy of Cebu and other nearby areas." said PVB President & CEO Ricardo A. Balbido Jr.