State-owned Development Bank of the Philippines (DBP) recently signed a P1.7-billion omnibus term loan with the local government unit of Cabanatuan City for the financing of various infrastructure projects in the city, a top official said.
DBP president and chief executive officer Cecilia C. Borromeo said that the loan will bankroll the construction as well as the extension of major roads and bridges in the city, adding that: “…the loan will also finance the building of an earth dike along the Pampanga River and the proposed Unified Command Center at the Cabanatuan City Hall compound….”
“Our recent loan assistance to the local government of Cabanatuan showcases DBP’s continued commitment to enhance critical public infrastructure, especially in the countryside, reflective of our role as the country’s infrastructure bank,” she said.
Cabanatuan City is a first-class city located in the heart of Nueva Ecija and approximately 117 kilometers north of Manila. It is the most populous city in Nueva Ecija, with more than 300,000 residents, according to latest data from the Philippine Statistics Authority.
Among the projects to be funded by the DBP loan include the construction and improvement of the Emilio Vergara highway, additional extension of the Leopoldo Vergara bridge, extension of the Cesar Vergara bridge, improvement of the General Tinio Extension, and improvement of the Felipe Vergara highway.
Borromeo said these infrastructure projects, which will also include improvement of the city’s existing drainage system, is envisioned to provide more convenience to the general public in support of the continuing development initiatives of the entire province.