State-owned Development Bank of the Philippines (DBP) said Thursday it granted a P4-billion loan to the city government of Cabuyao in Laguna province to finance key public infrastructure projects.
DBP president and chief executive Michael de Jesus said the loan was approved under the bank’s Assistance for Economic and Social Development (ASENSO) for local government units financing program.
It aims to enhance vital services in the areas of education, public health, access and mobility, disaster-mitigation and public security, among others.
“DBP’s latest partnership with the city government of Cabuyao is aligned with the 10-point agenda of President Ferdinand R. Marcos Jr., particularly the promotion of transparent and efficient governance, and advancement of healthcare and education in the country,” de Jesus said.
DBP is the tenth largest bank in the country in terms of assets, providing credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
Cabuyao City is located about 43 kilometers southeast of Metro Manila and has an estimated population of about 355,330 residents as of latest government data.
It is the 7th largest economy in Laguna typified by a thriving local economy boosted by the presence of several industrial estates.
De Jesus said of the total loan amount, around P2.665-billion would be allocated for the construction of a three-story city hall, college school buildings, a sports arena, a public market and establishment of Digital Education and Free WiFi Program for the Pamantasan ng Cabuyao.
He said about P1.233 billion would fund the construction and rehabilitation of various roads, road fence, bridges and flood control projects, while the remaining P102-million would be spent for the procurement and installation of streetlights.
Under the ASENSO Program, the DBP has approved P110 billion in loans to 381 local government units, with P33.7 billion in total disbursements and P32.5 billion worth of outstanding principal balance, as of end-February this year.
“DBP is looking to partner with more local government units for the financing of their priority projects under the ASENSO program, with the aim of helping fast-track the implementation of key initiatives designed to accelerate and sustain socio-economic development in their respective communities, “ de Jesus said.
