State-run Development Bank of the Philippines, the eighth-largest lender in terms of assets, is expanding its development initiatives in the Bicol region through the grant of a P1.6-billion loan facility in Camarines Sur that will finance infrastructure projects and improve social services to local residents.
DBP president and chief executive Cecilia Borromeo said the bank approved a P1.485-billion loan to the provincial government of Camarines Sur that would partly finance over 170 infrastructure projects, including the construction of farm-to-market roads and bridges as well as the repair and maintenance of existing road networks.
“DBP continues to promote sustainable development in Camarines Sur with its latest funding assistance to the provincial government which showcases the synergy between DBP and the local government unit in catalyzing economic growth in the countryside,” Borromeo said.
Camarines Sur is classified as an agricultural-based economy with rice, corn, feed meal, freshwater fish, coconut, sugar and abaca among its main products. The province is comprised of 35 municipalities and two cities. It is the most populous in the Bicol region with nearly two million residents.
Borromeo said the financing assistance to the provincial government would also be used to fund the construction of multi-purpose buildings, school buildings, hospital buildings, barangay halls, and evacuation centers as well as the acquisition of hospital machineries and equipment.
She said the bank and the provincial government of Camarines Sur had been long-time partners with DBP financing numerous projects in the area, including the construction of the Cam Sur Watersports Complex and Gota Beach Resort in the Caramoan Islands in the eastern side of the province.
“These projects have helped boost the local economy and generate jobs by energizing the tourism sector in the province,” she said.