State-owned Development Bank of the Philippines (DBP) and the Provincial Government of Batangas recently signed a P4-billion term loan agreement that will accelerate the province’s overall economic growth through the implementation of various development projects under the Province’s Capability Building Program, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said DBP’s financing assistance would support Batangas Province’s Capability Building Program, which prioritizes the construction of government buildings and facilities, infrastructure development, and other environmental projects that benefit its various municipalities and barangays.
“DBP is honored to be a part of the long-term and inclusive growth of Batangas province,” Herbosa said. “We share the optimism of the provincial government in harnessing Batangas’ full economic potential.”
Under the program, priority projects include the construction of public offices; school facilities; health, livelihood and PWD centers; and solar power rice irrigation system, among others. DBP’s financing support will also fund the acquisition of various agricultural and industrial machinery and equipment benefitting the province’s transportation, health, agriculture, engineering, and information technology sectors.
DBP is the eighth largest bank in the country with assets totaling P700.9-billion as of end September 2019. It provides loans to strategic sectors such as infrastructure and logistics, small and medium enterprises, social services and community development, and the environment.
Herbosa said DBP hopes that this agreement signals the start of a long-term partnership that would advance and promote the delivery of enhanced community service to residents of the province.
Batangas is a first-class province with more than 2.6 million residents as of 2015 census. It is the third richest province in the country with assets totaling P18.8-billion based on the audited financial report of the Commission on Audit.
Batangas Governor Hermilando I. Mandanas expressed his gratitude to DBP for supporting the province’s development programs, adding: “…DBP’s support will come a long way in extending the much-needed assistance and long-term services for our constituents in the province…”