State-owned Development Bank of the Philippines (DBP) has granted a P40-million seven-year term loan to the local government of Samal, Bataan to finance the municipality’s housing project, including the acquisition of needed service vehicles and heavy equipment to facilitate the delivery of public services.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said that the credit support intends to fund the construction of 30 housing units at Sta. Catalina Homes which will provide additional revenue to the locality from the sale of the house and lots, real property taxes, building permit fees, among others.
“DBP supports this developmental initiative of the local government unit (LGU) as it boosts the locality’s income-generating capacity, making it more economically self-sufficient in sustaining its various programs and projects,” Herbosa said.
Part of the credit support will be utilized to purchase dump trucks, compactor and service vehicles to improve the delivery of basic public services by the LGU to its constituents.
DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics, micro, small and medium enterprises, social services and community development, and the environment.
Comprised of 14 barangays, Samal is a fourth-class municipality located at the eastern side of Bataan province. It has a total population of 35,298 based on the 2015 census.
Herbosa said that DBP remains committed to provide the funding support that will stimulate local economic opportunities and bring about improvements in LGUs’ delivery of basic social services given the current pandemic.
“Rest assured that DBP, as a government financial institution, will continually serve as a development partner of local governments’ recovery efforts as we altogether overcome this crisis as one nation,” he added.