DBP lends P1.6 B to CamSur projects

Published December 16, 2018, 12:00 AM

by manilabulletin_admin

By Lee C. Chipongian

State-owned Development Bank of the Philippines (DBP) released P1.6 billion worth of loans to Camarines Sur for infrastructure, public facilities and social services projects.

DBP president and CEO Cecilia C. Borromeo
DBP president and CEO Cecilia C. Borromeo

DBP president and CEO Cecilia C. Borromeo, said the government bank, which is rooted to its mandate of lending funds for development projects, is prepared to continue to extend financing in pursuit of economic growth, particularly to expansion areas.

“DBP continues to promote sustainable development in Camarines Sur with its latest funding assistance to the provincial government which showcases the synergy between DBP and the local government unit in catalyzing economic growth in the countryside,” said Borromeo.

DBP has extended a P1.485-billion loan to the provincial government of Camarines Sur to finance some 170 infrastructure projects including the construction of farm-to-market roads and bridges as well as the repair and maintenance of existing road networks.

Borromeo said the funds will also be utilized for the construction of multi-purpose buildings, school buildings, hospital buildings, barangay halls, and evacuation centers as well as the acquisition of hospital machineries and equipment.

In the past, the DBP has helped Camarines Sur in its development such as in financing the construction of the Cam Sur Watersports Complex and Gota Beach Resort in the Caramoan Islands.

“These projects have helped boost the local economy and generate jobs by energizing the tourism sector in the province,” said Borromeo.

Other DBP loans for the province also include a P120-million term loan to the municipality of Pasacao for the construction of a public market and transport terminal, which is expected to stimulate trade and improve the mobility of goods and people within the area, according to the bank.

Pasacao is a third-class municipality with 49,000 residents. The local economy is dependent on agriculture, fishery, and tourism. “This is the first loan dealing of DBP with the municipality, which is considered as the summer capital of Camarines Sur,” said Borromeo.

Camarines Sur overall is classified as an agricultural-based economy with rice, corn, feedmeal, freshwater fish, coconut, sugar and abacá, among its main products. It has 35 municipalities and two cities, and with two million residents it has the highest population in the Bicol region.

DBP, the country’s eighth largest lender, reported a net income of P4.49 billion as of end-September or up 13 percent year-on-year.

DBP’s net income exceeded its internal target of P4.06 billion for the third quarter and “has already realized 81 percent of its annual target of P5.56-billion for the year,” according to Borromeo.