State-owned Development Bank of the Philippines (DBP) and the Provincial Government of Camarines Sur have signed a P3.5 billion term loan facility to fund priority development projects and accelerate economic growth in the largest province in Bicol region, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the funding support under the Assistance for Economic and Social Development (ASENSO) for LGUs Financing Program would bankroll a total of 112 projects in Camarines Sur, including the construction of healthcare centers, hospitals, school buildings, roads, and agricultural facilities.
“DBP takes pride in assisting the Camarines Sur provincial government in projects that will improve the lives of Camarinenses—from strengthening infrastructure and improving healthcare delivery, to fostering education and expanding access to essential social services and livelihood opportunities,” de Jesus said.
DBP is the ninth largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
Camarines Sur is a first-class province with a population of more than two million people and a thriving economy that is primarily reliant on key industries such as tourism, agriculture, fishery, livestock, and forestry.
De Jesus said the ASENSO program provides financing assistance to all levels of local government units in the accomplishment of its projects to accelerate infrastructure and socio-economic development consistent with the goals of the Philippine Development Plan.
He said DBP is eyeing more similar partnerships with other LGUs, adding: “…DBP continues to recognize and fully support initiatives that seek to maintain or even accelerate the momentum in local development while ensuring that communities continue to thrive and evolve…”
“As of end-November last year, DBP has approved more than P165-billion loans for 451 borrowers under the ASENSO program, and we hope expand in scope and scale the assistance we provide to our LGU partners,” de Jesus said.
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