The Development Bank of the Philippines (DBP) granted a P311.8-million term loan to the local government unit (LGU) of Tuguegarao City for public infrastructure and agriculture productivity enhancement.
Specifically, the loan will finance the construction of a core shelter housing project, drainage systems, an evacuation center, road concreting as well as the acquisition of agricultural equipment.
“Through this partnership, we support more inclusive growth initiatives in Tuguegarao City, where people are both beneficiaries and contributors,” says DBP President and Chief Executive Officer Emmanuel G. Herbosa.
Tuguegarao is a third-class component city and the capital of Cagayan Province.
The city is a springboard for economic activities within the Cagayan Valley, and in bordering municipalities of the Ilocos Region and the Cordillera Administrative Region.
DBP has been a development partner of LGU Tuguegarao City since 2008.
The bank has granted two-term loan facilities amounting to the LGU, P120 million in 2017 and P600-million in 2018 for projects on education, public works and solid waste management.
The local government is also a client of DBP’s Cash Management Solutions including POS terminals, prepaid cards, DBP ATM payroll servicing and deposit pick-up services.
“The bank will continue to support growth initiatives that benefit our fellow Filipinos and promote resiliency in socio-economic sectors,” Herbosa underscored.
The loan falls under the Assistance for Economic and Social Development for LGUs Financing Program – Bayanihan Interest Subsidy Fund.