According to a top official, the state-owned Development Bank of the Philippines (DBP) has awarded…
DBP lends P4.4 billion to Bacolod City for 17 development projects.
The city administration in this location has secured a P4.441 billion loan from the Development Bank of the Philippines (DBP) to fund 17 development projects to help the local economy recover from the Covid-19 pandemic.
In ceremonies held on Thursday afternoon in the Government Center lobby, Mayor Alfredo Abelardo Benitez and DBP President and Chief Executive Officer Michael de Jesus signed the loan agreement.
“Investing in infrastructure is the quickest method to boost the economy. It is one of the methods the national government has reportedly embraced. The same will be done by us, too, Benitez stated.
He mentioned that rather than waiting for money to come into the city’s coffers before implementing these initiatives, the city council had decided that the government should borrow money to ensure speedy economic development.
We all concurred that it is preferable to confront the bull head-on. We have this loan with the DBP because of this. “We want to steer economic growth,” Benitez declared.
The projects include the purchase of a lot for PHP1.15 billion, the construction of the legislative building, PHP515 million, the improvement/rehabilitation of five mini hospitals, PHP135 million, the renovation/rehabilitation of Old Hall, PHP223 million, the improvement/rehabilitation of public markets, PHP525 million, the construction/improvement of various roads, PHP270 million, the construction/improvement of various drainages, PHP300 million, and the asphalt overlay of various roads, PHP50 million
Other projects include building a warehouse in Bacolod for PHP67.9 million, a city engineering motor pool area for PHP30.8 million, a tree park in Barangay Alangilan for PHP47 million, a pedestrian mall for PHP50 million, and a city health office complex for PHP220 million.
On the list are also the construction of traffic signalization (PHP25 million), recovery and recycling complex and eco-park (PHP103 million), furniture and equipment (PHP279.3 million), and solar power generating systems for various barangays and the Bacolod City Government Center (PHP100 million).
De Jesus was grateful to the local administration for allowing the DBP to assist Bacolod.
We appreciate you as a customer. He continued, we respect our relationship with you, and we’ll keep giving you the quality of service you deserve and expect from us.
DBP Bacolod Lending Center senior manager Bernardo Castillon Jr. said that they provided Bacolod with the “best and lowest” interest rate of 3.55 percent annually, payable for 7 to 15 years.
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