CDC signs lease agreement with Veterans Bank

CLARK FREEPORT , Philippines  – The Clark Development Corp. (CDC) has signed a P10-million lease agreement with the Philippine Veterans Bank (PVB) recently at the CDC corporate headquarters.

CDC president Benigno Ricafort said the lease agreement is for the development of a commercial building that will house the PVB’s permanent banking facility, a food court and canteen for CDC employees, and office spaces that would be open for lease.

Ricafort said the new building will be located at the former Home Plate building along E. Quirino Street here.

He added that the agreement has a 25-year lease term and is renewable “upon such terms and conditions mutually agreeable” to both the CDC and PVB.

Ricafort and PVB president Ricardo Balbido signed the lease agreement before CDC and bank officials, including CDC assistant vice president for legal affairs Jose Cornelio Lukban and PVB assistant vice president Paul Tuazon.