State-owned Development Bank of the Philippines (DBP) has granted a P180-million loan to the city government of Iloilo as part of ongoing efforts to bolster livestock production to meet the rising demand in the fledging city, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the project was financed under the Bank’s Assistance for Economic and Social Development (ASENSO) for LGUs Financing Program and would be used primarily to construct a fully-mechanized modern slaughterhouse in the area.
“DBP re-affirms its long-standing partnership with the local government of Iloilo City with this latest initiative designed to ensure food safety and security in the city, as well as generate more economic opportunities in the locality,” de Jesus said.
DBP is the ninth largest bank in the country in terms of assets and provides strategic financing support to critical economic sectors such as infrastructure and logistics, micro, small and medium enterprises, social services, and the environment.
A first class and highly urbanized city, Iloilo City is the center of trade and commerce in the Western Visayas region with an estimated population of 490,000 as of the latest government data.
De Jesus said the modern slaughterhouse is expected to attain export-grade classification, with its capacity to process more than 500 swine heads a day.
He said the credit assistance for the modern slaughterhouse is part of the P2.13-billion loan granted under the ASENSO program to Iloilo City, which was used to enhance vital public services such as rehabilitation of public markets, construction of the city hospital and acquisition of medical equipment, construction of a parking building, and acquisition of relocation sites for informal settlers.
“DBP will continue to aggressively partner with more LGUs nationwide and enable them to implement their projects, particularly those designed to accelerate infrastructure and socio-economic development, through its ASENSO program,” de Jesus said.
Under the DBP ASENSO Program, the bank has assisted a total of 362 LGU- borrowers with loan approvals reaching P91.7-billion and loan releases hitting P26.3-billion as of end of September this year.