The Development Bank of the Philippines (DBP) has approved a P4-billion loan to the city government of Cabuyao, aimed at financing crucial public infrastructure projects.
The initiative is part of DBP’s Assistance for Economic and Social Development (ASENSO) for Local Government Units Financing Program.
DBP President and CEO Michael O. de Jesus highlighted the alignment of this partnership with President Ferdinand R. Marcos, Jr.’s 10-point agenda, emphasizing transparent governance and the enhancement of healthcare and education.
“DBP’s latest partnership with the city government of Cabuyao is aligned with the 10-point agenda of President Ferdinand R. Marcos, Jr., particularly the promotion of transparent and efficient governance, and advancement of healthcare and education in the country,” de Jesus said.
Cabuyao City, located 43 kilometers southeast of Metro Manila, boasts a population of approximately 355,330 residents and is the seventh largest economy in Laguna, bolstered by several industrial estates.
The loan will support a range of infrastructure projects to further stimulate the local economy.
Of the total loan amount, P2.665 billion is allocated for constructing a new three-story city hall, college buildings, a sports arena, a public market, and the implementation of a Digital Education and Free WiFi Program for Pamantasan ng Cabuyao.
An additional P1.233 billion will be used for the construction and rehabilitation of roads, fences, bridges, and flood control projects. The remaining P102 million is designated for the procurement and installation of streetlighting in various barangays.
“Under our ASENSO Program, DBP has approved P110 billion in loans to 381 local government units, with P33.7 billion in total disbursements and P32.5 billion worth of outstanding principal balance, as of end-February this year,” de Jesus noted.
De Jesus also expressed DBP’s commitment to partnering with more local government units for financing priority projects under the ASENSO program.
“DBP is looking to partner with more local government units for the financing of their priority projects under the ASENSO program, with the aim of helping fast-track the implementation of key initiatives designed to accelerate and sustain socio-economic development in their respective communities,” he said.
DBP, the tenth largest bank in the Philippines by assets, continues to provide credit support to key sectors, including infrastructure and logistics, micro, small and medium enterprises, the environment, and social services and community development.
