2nd Amendment to Contract of Lease with PNB signed

Negros Occidental Governor Alfredo G. Marañon, Jr. and Philippine National Bank (PNB) First Vice President Nixon S. Ngo signed the Second Amendment to Contract of Lease with the Philippine National Bank (PNB), yesterday.

Under the amendment, the PNB may construct building and perform other renovations on the remaining underdeveloped portion of the leased premises at their cost and expenses, allowing them to sublet the building or any improvements according to their terms and conditions.

As stated in the amendment, the Provincial Government of Negros Occidental will continue to work hand in hand with PNB in sharing expenses including realty taxes and other maintenance in the leased premises until CY 2065.

It is remembered that the first Contract of Lease was signed on October 13, 1966 wherein two parcels of land located at the Provincial Capitol Site, Bacolod City was leased to PNB for a period of ninety-nine (99) years.

The signing was held at the Governor’s Office in Bacolod City with the presence of Acting Provincial Administrator Lucille T. Gelvolea and PNB Assistant Vice President, Maria Russel N. Lau.

Also present in the event were Provincial Legal Officer Atty. Jose Ma. V. Valencia, Provincial Planning and Development Coordinator, Dr. Ma. Lina P. Sanogal, Provincial Engineer, Ernie F. Mapa, PNB-Bacolod City Branch Managers.*(Capitol News)