According to a top official, the state-owned Development Bank of the Philippines (DBP) has awarded…
Naga City receives a P700 million development loan from the DBP.
According to a top official, the state-owned Development Bank of the Philippines (DBP) has given the local government of Naga City in the province of Camarines Sur a PHP700 million loan to expedite its numerous public infrastructure and social development projects in the area.
The money will be used for the construction of the three-story Level 1 New Naga City Hospital, as well as the acquisition of lots for the city’s socialized housing projects, road concreting, and other urban rehabilitation projects, according to DBP president and CEO Emmanuel Herbosa.
“DBP supports these developmental projects for Naga City because they increase the city’s income-generating capabilities while also enhancing its role as a regional trade and commerce hub,” Herbosa added.
DBP is the country’s fifth-largest bank by assets and provides financing to four key economic sectors: infrastructure and logistics, micro, small and medium enterprises, the environment, and social services and community development.
According to Herbosa, a portion of the credit assistance will be utilized to offer 2,601 housing lots for worthy destitute families, while the remainder of the loan will be used to repair drainage networks and rehabilitate roads to alleviate traffic congestion.
He said the money came from the DBP’s Assistance for Economic and Social Development for Local Government Units Financing Program, which was started last year to help rural areas recover economically.
“On the other hand, the proposed New Naga City Hospital will have a 200-bed capacity, which is in line with the LGU’s efforts to improve the current bed-to-population ratio of 1:2,234 to 1:1,955 and supplements the LGU’s local hospital capacity while providing both affordable and quality health care to city residents,” Herbosa said.
Naga City is a low-income city that was formed in 1948 and is regarded as the “Queen City of Bicol” because of its central location in the Bicol Peninsula.
According to the most recent government data, it has a population of 174,931 people and has been a favoured location for regional operations hubs by some of the country’s top corporations.
DBP’s current cooperation with the city involves, among other things, payroll services for work order personnel and an electronic payment system for real property taxes, according to Herbosa.