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DBP bankrolls Cebu skyscrapers

DBP chairman Alberto G. Romulo and DBP president and chief executive officer Cecilia C. Borromeo pose for posterity after a P3-billion loan agreement signing with the Cebu Landmasters, Inc. (CLI)
DBP chairman Alberto G. Romulo (seated, third from left) and DBP president and chief executive officer Cecilia C. Borromeo (seated, second from left) pose for posterity after a P3-billion loan agreement signing with the Cebu Landmasters, Inc. (CLI). Also in photo are (seated, from left): DBP executive vice president Anthony Robles; CLI chairman, president and CEO Jose Soberano III; CLI director and executive vice president Ma. Rosario Soberano; CLI director and chief operating officer Jose Franco Soberano; and CLI senior vice president Stephen Tan. Standing at the back are officers from DBP and CLI.

State-owned Development Bank of the Philippines (DBP) is funding the construction of two major building projects in Cebu which is seen to improve the delivery of basic government services and boost the competitiveness of the local economy, a top official said.

DBP president and chief executive officer Cecilia C. Borromeo said the bank signed a P1.5-billion loan deal with the Cebu provincial government for the construction of its new 20-storey office building and granted a P3-billion loan to a local developer who will put up a mixed-use development tower in Mandaue City.

“These projects illustrate how DBP is assisting local government units in improving their service delivery and partnering with the private sector to stimulate economic activity in the region,” Borromeo said.

Cebu province is the most populous province in the Visayas region with close to three million residents. The province is cited by the Commission on Audit as the richest province in the country while the capital city is the center of economic activity in the entire Visayas region.
She said that the new 20-storey building will rise inside the Cebu capitol compound and house most of the provincial offices. The building will serve as a “one-stop shop” and provide comfort and convenience to the transacting public while providing income to the local government through the lease of the commercial spaces in the property.
The proposed structure is designed to efficiently use energy, reduce wastage, minimize pollution, and provide adequate ventilation. It will be loaded with solar panels and an in-house waste and sewage management facility.

“One floor will be allotted for the Emergency Operation Center of the Provincial Disaster Risk Reduction and Management Office and its command center which will house state of the art equipment for province-wide monitoring and early warning system for natural calamities,” Borromeo said.
Borromeo said that DBP approved a P3-billion loan to Cebu Landmasters, Inc. (CLI) to partially finance the construction of its Astra Centre as well as to support the company’s working capital requirements.
“Strategically located at A. S. Fortuna Street in Mandaue City, the Astra Centre shall have a mall, office spaces, condominium units, and shall also house the first Radisson Red Hotel in Asia,” she said.

CLI is a leading local developer in Cebu with a growing mix of residential, commercial, industrial and mixed-use product offerings. It is also developing the Davao Business Park in Matina, Davao City.