Tuesday, July 16, 2024

DBP approves P4-B loan for Cabuyao infra buildup

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STATE-OWNED Development Bank of the Philippines (DBP) granted a P4-billion credit assistance to the city government of Cabuyao to finance key public infrastructure projects in the first-class component city of Laguna, a top official said.

DBP President and Chief Executive Officer Michael de Jesus said the loan was approved under the bank’s Assistance for Economic and Social Development for Local Government Units Financing Program, and was earmarked 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 Marcos Jr., particularly the promotion of transparent and efficient governance and advancement of health care and education in the country,” de Jesus said.

De Jesus said that of the total loan amount, around P2.665 billion will be allocated for the construction of a new three-story city hall, college school buildings, a sports arena, a public market, and the establishment of Digital Education and Free WiFi Program for the Pamantasan ng Cabuyao.

He said about P1.233 billion will be used for the construction and rehabilitation of various roads, road fences, bridges, and the completion of flood control projects, while the remaining P102 million will be spent for the procurement and installation of streetlights for the barangay (villages).

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