State-run Development Bank of the Philippines, the eighth-largest lender in terms of assets, said it approved a P1.3-billion omnibus loan to the Nueva Ecija provincial government to boost trade and facilitate the efficient movement of goods and people among its towns.
DBP president and chief executive Cecilia Borromeo said in a statement the bulk of the amount, or about P1.2-billion, was earmarked for the construction of a two-lane road that would connect the towns of Peñaranda, San Isidro, and Cabiao and the city of Gapan in the southern part of the province.
“This major infrastructure project will provide an alternative route to motorists who are coming from nearby areas such as Bulacan and Metro Manila, thereby reducing travel time and facilitating faster movement of goods and commodities,” Borromeo said.
She said the remaining balance of the loan would be used for other development projects of the provincial government including the purchase of medical equipment.