State-owned Development Bank of the Philippines (DBP) granted a P1.3-billion omnibus loan to the Provincial Government of Nueva Ecija to boost trade and facilitate the efficient movement of goods and people among the neighboring towns, a top official said.
DBP president and chief executive officer Cecilia C. Borromeo said that the bulk of the amount, or about P1.2-billion, has been earmarked for the construction of a two-lane road that will link the towns of Peñaranda, San Isidro, and Cabiao and the city of Gapan in the southern part of the province.
“This major infrastructure project will provide an alternative route to motorists who are coming from nearby areas such as Bulacan and Metro Manila, thereby reducing travel time and facilitating faster movement of goods and commodities,” Borromeo said.
The remaining balance of the loan will also be used for other development projects of the provincial government including the purchase of medical equipment, she said.
Nueva Ecija is a first-class province with more than 2.15 million people and is the biggest producer of rice in Central Luzon earning it the title, “Rice Bowl of the Philippines.” The province is located some 117 kilometers of Manila, and is composed of 27 municipalities and five cities.
Borromeo said the omnibus loan facility is the latest loan granted by DBP to the provincial government of Nueva Ecija as the bank had assisted the provincial government in projects such as the construction of public school buildings, as well as a rice drying, treatment and storage center, and the acquisition of an onion storage facility.
DBP chairman Alberto G. Romulo said that the project is in line with the bank’s efforts to build the necessary infrastructure to maximize the growth potential of Central Luzon and aid the government’s move to decongest Metro Manila.