State-run Development Bank of the Philippines (DBP) and the City Government of Manila have signed a P5-billion five-year term loan agreement to fund various projects under the local government’s Medium and Long-Term Development Plan.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the financial assistance under the incumbent administration of Mayor Francisco “Isko Moreno” M. Domagoso would be used to bankroll various infrastructure projects such as the expansion of the Ospital ng Maynila, construction of the Manila Skydeck; construction and maintenance of various health centers; and the re-development of the Manila Zoo including the construction of a sewage treatment plant.
“I am optimistic that this is the start of another long and fruitful collaboration between our institutions; one that will revive Manila and bring it back to its rightful throne as one of the most beautiful, captivating cities in the country,” Herbosa added.
Aside from being the capital city of the Philippines, Manila is home to around 13.7-million people and is the third richest city in the country with total assets of P40.711-billion as per Commission on Audit report. It is also a center of trade and finance as most of the country’s national imports and exports pass through the city’s ports.
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 that DBP is fortunate to be given the opportunity to serve the people of Manila through this P5-billion loan, which is in line with the bank’s mandate to generate economic opportunities and the improvement of social services that would benefit the residents of the nation’s capital.
“Rest assured that DBP, as a government financial institution will continually support sustainable social projects that would cater to the basic needs of our people,” he added.