IloIlo LGU receives P180-M loan from DBP
Government-owned Development Bank of the Philippines (DBP) has released a P180-million loan for the local government of Iloilo for the improvement of the city's food safety and security.
DBP President and CEO Michael O. de Jesus said in a statement that the funding should help IloIlo City in its “ongoing efforts to bolster livestock production to meet the rising demand.”
The loan will finance the construction of a fully-mechanized modern slaughterhouse in the area. De Jesus said the modern slaughterhouse is expected to attain export-grade classification, with its capacity to process more than 500 swine heads a day.
“DBP reaffirms its long-standing partnership with the local government of Iloilo City with this latest initiative designed to ensure food safety and security in the city, as well as generate more economic opportunities in the locality,” he said.
The project was financed under DBP’s Assistance for Economic and Social Development (ASENSO) for LGUs Financing Program.
The loan is also part of the P2.13-billion financing granted under the ASENSO program to Iloilo City, which was used to enhance vital public services such as rehabilitation of public markets, construction of the city hospital and acquisition of medical equipment, construction of a parking building, and acquisition of relocation sites for informal settlers, said DBP.
“DBP will continue to aggressively partner with more LGUs (local government units) nationwide and enable them to implement their projects, particularly those designed to accelerate infrastructure and socio-economic development, through its ASENSO program,” de Jesus said.
The bank has dispensed a total P26.3 billion of loans under the ASENSO Program, and benefitted 362 LGU borrowers. The total loan approval reached a total P91.7 billion.
Iloilo City is a first class and highly urbanized city, considered the center of trade and commerce in the Western Visayas region. As per the latest data, it has a population of about 490,000.
Meanwhile DBP with P962.886 billion worth of assets, is the country’s 9th biggest commercial bank and the second largest as a government bank after Land Bank of the Philippines.
Its mandate allows it to provide strategic financing support to critical economic sectors such as infrastructure and logistics, micro, small and medium enterprises, social services, and the environment.