State-owned Development Bank of the Philippines (DBP) approved a P3-billion loan to the local government unit (LGU) of Mandaue City for the construction of the new city hall, a top executive said Thursday.
DBP president and chief executive Michael de Jesus said the loan was granted under the bank’s pioneering Assistance for Economic and Social Development (ASENSO) for LGUs Financing Program and would be utilized for the establishment of the city’s one-stop shop government center.
“DBP believes in the vision of the Mandaue City LGU of making it easier for all its constituents to transact with the government by building a new government center where all government offices and departments will be housed,” de Jesus said.
“This is in line with President Ferdinand Marcos Jr.’s goal to promote transparent and efficient public governance,” he said.
DBP is the eighth largest bank in the country in terms of assets and provides 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.
Mandaue City is a first-class and highly urbanized city in Cebu province with an estimated population of over 364,000 as of latest government data and is home to a number of major manufacturing and export companies in the region.
De Jesus said the office structure would be at least eight stories high and would have green building features. It would be constructed on a 4.3-hectare property in downtown Mandaue City and would house government frontline offices, satellite offices as well as executive and legislative offices.
He said the loan agreement with Mandaue City is one of the key projects this year under the ASENSO for LGUs Financing Program, which assists LGUs in their implementation of various infrastructure projects, including the acquisition of machineries and equipment, and the establishment of smart, sustainable, and disaster-resilient communities nationwide.
“As of January 31, 2024, the DBP has approved a total loan amount of P108.2 billion for 378 accounts under the ASENSO for LGUs Financing Program, with total loan releases amounting to P33-billion,” de Jesus said.
“DBP is ready to work with more LGUs in their pursuit of various initiatives designed to accelerate infrastructure build-up and boost socio-economic development in their respective localities,” he said.
