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DBP grants P200 million credit assistance to LGU Balayan

Photo shows DBP Senior Assistant Vice President Violeta A. Dela Torre (left) and Balayan Municipal Mayor Emmanuel Salvador P. Fronda II during the signing of the loan agreement between DBP and the municipal government of Balayan, Batangas Province.

State-owned Development Bank of the Philippines (DBP) has granted a P200-million loan to the Municipality of Balayan in Batangas Province which would be used to finance various development projects in the area, a top official said.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the loan proceeds will be used for improvements in the Balayan New Government Center, acquisition of a lot for a sanitary landfill, construction of an eco-hub building, among others.

“DBP will continue to empower and capacitate our LGUs, through viable financing, in order that they can implement projects that are both crucial for community advancement and are environmentally sound,” Herbosa said.

DBP is the fifth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.

Balayan is a first-class municipality located in the western part of Batangas Province and is comprised of 48 barangays, with an aggregate population of more than 95,000, based on latest government data. The lowland town is an agri-based industrial center with a processing plant for sugar, its main agricultural product.

Herbosa said the loan was granted under the bank’s Assistance for Economic and Social Development (ASENSO) for Local Government Units (LGUs) financing program which aims to provide funding support to all LGUs for the development of smart and sustainable communities to boost socioeconomic development.

He said DBP will continue to support LGU Balayan’s initiatives to comply with Republic Act 9003, or the Ecological Solid Waste Management Act of 2000, as an integral part of the loan agreement involves the establishment of an integrated solid waste management facility.

“DBP will remain responsive to the developmental needs of our local governments and their constituencies and will extend the much-needed financial support to help materialize their projects,” Herbosa said.