Manila, DBP ink P10-B loan agreement to fund 6 infrastructure projects

Published May 21, 2021, 4:08 PM

by Andrea Aro

Manila Mayor Francisco “Isko Moreno” Domagoso signed a P10-billion loan agreement with the Development Bank of the Philippines (DBP) to fund six infrastructure projects in the city.

(Manila Public Information Office photo / MANILA BULLETIN)

DBP granted the loan under the Omnibus Term Loan Facility or OTLF.

The fund “can be reallocated to projects in the approved Local Development Plan of the City Annual Investment Plan,” according to the agreement.

The six infrastructure projects include three schools — Dr. Alejandro Albert Elementary School, Rosauro Almario Elementary School, and Manila Science High School, and three residential buildings — Pedro Gil Residences, San Lazaro Residences, and San Sebastian Residences.

The residential buildings will be added to the local government’s ongoing housing development projects.

Domagoso highlighted the need for low-cost decent housing for the city.

“Housing is an urgent matter to be addressed by the state. I am referring to decent housing, hindi ‘yung parang bahay ng kalapati lang,” he said.

Present in the signing ceremony were DBP President and CEO Emmanuel Herbosa, DBP Executive Vice President Jose Gabino Dimayuga, DPB Senior Vice President Madeleine Aldana, and DBP First Vice President Rox Morales.

The P10-billion loan is in addition to the P5-billion loan that the DBP already granted to the city government in January 2020.

The city’s housing projects are Tondominium 1 and 2, Binondominium residential building, and the townhouse-style horizontal housing project BaseCommunity.

Domagoso also said that the city’s housing projects are not only for underserved sectors as it would also be available to renters.

“While 70% of this will be occupied by the poor, 30% of it will be occupied by renters. ‘Yung mga nangungupahan, pwede na rin magkaroon ng sarili nilang tahanan. Pipilitin namin mayakap lahat (The renters can now have their own house. We’re trying to embrace all of them),” he said.