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DBP grants P200-M loan to Batangas LGU

Business

DBP grants P200-M loan to Batangas LGU

By Emmie V. Abadilla

DBP

The Development Bank of the Philippines (DBP) granted a P200-million loan to the Municipality of Balayan in Batangas to finance various development projects.

Specifically, the loan proceeds will be used to improve the Balayan New Government Center, acquire a lot for a sanitary landfill and construct an eco-hub building.

“We will continue to empower LGUs so they can implement environmentally-sound projects for community advancement,” DBP President and Chief Executive Officer Emmanuel G. Herbosa noted.

Balayan, a first-class municipality located in the western part of Batangas Province, is composed of 48 barangays, with an aggregate population of more than 95,000.

The lowland town is an agri-based industrial center with a processing plant for sugar, its main agricultural product.

The loan was granted under the bank’s Assistance for Economic and Social Development (ASENSO) for Local Government Units (LGUs) financing program which funds the development of smart and sustainable communities.

DBP will continue to support LGU Balayan’s initiatives to comply with Republic Act 9003, the Ecological Solid Waste Management Act of 2000.

An integral part of the loan provides for the establishment of an integrated solid waste management facility.

“DBP will remain responsive to the developmental needs of our local governments and their constituencies,” Herbosa concluded.

Related Tags

dbp dbp president emmanuel herbosa DBP LOANS TO LGUs

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