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DBP finances key infra, social services projects in Butuan City

Chairman Alberto G. Romulo (seated, second from left) and President and Chief Executive Officer Cecilia C. Borromeo (seated, third from left) are shown after the signing of the P684-million loan agreement with Taguibo Acquatech Solutions Corporation (TASC). Also in photo are (seated, from left): VP Neogen Chaves, Engr. Ruben Javier of TASC, EVP Anthony Robles, and FVP Sisinio Narisma. Standing are DBP and TASC officers and staff.

DBP is funding key initiatives in Butuan City aimed at improving services to the community and sustaining the fast-growing local economy.

President and Chief Executive Officer Cecilia C. Borromeo said the Bank has signed a P1.3-billion loan agreement with the Butuan City local government covering mainly health care, solid waste and disaster risk reduction management initiatives. A P684-million loan has also been approved for a bulk water project in the same city.

“DBP is stepping up its efforts to promote economic growth in Mindanao with its latest projects in Butuan City,” President Borromeo said adding, “We are optimistic these initiatives can improve the investment climate, generate more employment opportunities for the residents, and enhance the delivery of basic social services in the city.”

The P1.3-billion loan granted to the Butuan LGU will address the various infrastructure needs of the city. Part of the loan proceeds will be used for the procurement of 53 units of light and heavy dump trucks to support major infrastructure projects in the city and to help improve garbage collection and disposal. A material recovery facility will also be constructed from the DBP loan assistance.

The Butuan LGU will also use the DBP loan to build a command center that will house the Butuan City Disaster Risk Reduction and Management council, emergency response team, fire brigade, and CCTV monitoring center.

The DBP loan will likewise finance the construction of the new Butuan Medical Center building that will house 200 beds, increase the hospital’s capacity by 300%, and improve the hospital bed-to-population ratio in the city.

President Borromeo said a portion of the loan proceeds would also be used by the Butuan LGU to construct the Butuan City South Super Market which is envisioned to become a center of commerce in the area. “The facility will be complemented by a bus terminal and help reduce traffic in the city center,” she said.

DBP also granted a P684-million loan to Taguibo Acquatech Solutions Corporation, which supplies water to the Butuan City Water District, for its bulk water project designed to improve water supply and quality in the city.

“Aside from ensuring sustainable water supply until year 2029, the project will help lower the incidence of water-borne diseases in Butuan City,” President Borromeo said.

President Borromeo was also joined by Chairman Alberto G. Romulo during the loan agreement signing ceremonies for both projects last February 22. They also met with valued clients, partners and stakeholders during their two-day stay in Butuan City.