The Development Bank of the Philippines (DBP) granted a P700-million loan to the local government unit (LGU) of Naga City, Camarines Sur to fast-track public infrastructure and social development.
The LGU will use the loan to build a three-storey Level 1 New Naga City Hospital and acquire lots for the city’s socialized housing, road concreting, and other urban redevelopment, according to DBP President and Chief Executive Officer Emmanuel G. Herbosa.
“The proposed New Naga City Hospital, will have a 200-bed capacity, 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," he noted.
“DBP supports these developmental initiatives as it boosts the city’s income-generating capacity while expanding its role as a center of trade and commerce in the Bicol region,” he elaborated.
Part of the credit assistance will also provide 2,601 home lots for indigent families while another portion goes to improving drainage network and rehabilitating roadways to decongest traffic.
The funding support was granted under the DBP Assistance for Economic and Social Development for Local Government Units Financing Program launched last year to aid counyryside economic recovery.
A 2nd class income city, Naga City was incorporated as a chartered city in 1948 and is known as the "Queen City of Bicol" due to its central location in the Bicol Peninsula.
It has a population of 174,931 and is a preferred site for regional operating hubs by some of the country’s largest companies.
At present DBP’s partnership with the city includes payroll servicing for job order employees, as well as an electronic payment system for real property taxes.