State-owned Development Bank of the Philippines (DBP) has granted a
P4.3-billion 15-year term loan to the local government of Baguio City for the re-development of the city’s famed market. The project is expected to benefit residents of the city’s 20 districts and 129 barangays, and boost tourism in the country’s Summer Capital.
Shown in photo during the loan signing ceremony are Baguio City Mayor Benjamin B. Magalong and DBP Chairman Alberto G. Romulo (foreground, third and fourth from left, respectively). They were joined by DBP officials and Baguio City representatives such as (foreground, from left): City Administrator Engr. Bonifacio I. Dela Peña, DBP Senior Vice President Catherine T. Camarao, and Vice Mayor Atty. Faustino A. Olowan