DPL Secretary Oscar M. Babauta said his department also requires major investors to show proof of at least $3 million in escrow account before a land lease agreement is approved.
“This is now our standing policy,” he told the Variety.
DPL earlier executed memorandums of understanding with different Korean investors who couldn’t pay their leases or even finance their supposed projects.
Babauta said DPL has learned its lesson and is now careful when making decisions before leasing public lands.
“We want to attract only legitimate investors,” he said.
