Tuguegarao gets P600-M DBP loan
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Fri, 04 Oct 2019 16:15:46 +0000
TUGUEGARAO City has secured a P600-million loan from state-run Development Bank of the Philippines (DBP) to finance infrastructure projects that will stimulate economic activity in the area.
In a statement on Friday, DBP President and Chief Executive Officer Emmanuel Herbosa said the bank is lending P400 million for the reconstruction of the Don Domingo public market and another P200 million for the repair of various roads in the city.
“DBP is proud to be partnering anew with the local government of Tuguegarao City for these projects that will give residents a new public market and more well-paved roads,” he said.
Herbosa stressed that DBP envisioned the public market to stimulate economic activity in Tuguegarao and provide micro entrepreneurs with a venue to ply their trade.
“We are confident that our assistance will go a long way in helping sustain economic growth in the city through the provision of modern infrastructure and community facilities,” he added.
According to DBP, Tuguegarao is the most populous city in Region 2, with more than 153,500 residents as of the 2015 census. It is the center of trade and commerce in the region and one of the fastest-growing cities in the country.
The city is also a long-standing partner of DBP, which has previously assisted its projects such as the acquisition of garbage compactors, and the construction of classrooms and school buildings in different public schools.
For the first half of the year, the bank’s gross loan portfolio increased by 19.79 percent to P368.33 billion from the P307.47 billion posted in the previous year.
DBP said it continue to support strategic sectors of the economy such as the infrastructure and logistics sector, which received nearly P143 billion in funding assistance.
It also lent P64.4 billion to social infrastructure projects or those involving healthcare, education, housing and solid waste management.