DBP OKs P4 billion loan for Cabuyao infrastructure

MANILA, Philippines — State-owned Development Bank of the Philippines (DBP) has 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 CEO Michael de Jesus said the loan was approved under the bank’s Assistance for Economic and Social Development (ASENSO) 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.

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

He said about P1.233 billion will be utilized for the construction and rehabilitation of various roads, road fences, bridges and completion of flood control projects while the remaining P102 million would be spent for the procurement and installation of street lighting of the barangays.

“Under our ASENSO Program, DBP has approved P110 billion in loans to 381 local government units, with P33.7 billion in total disbursements and P32.5 billion worth of outstanding principal balance, as of end-February this year.”

DBP is the tenth 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.

Cabuyao City is located about 43 kilometers southeast of Metro Manila and has an estimated population of about 355,330 residents as of latest government data. It is the seventh largest economy in Laguna typified by a thriving local economy boosted by the presence of several industrial estates.