State-owned Development Bank of the Philippines (DBP) ramped up its development initiatives in Camarines Sur through the grant of a P1.6-billion loan facility that would finance critical infrastructure projects and public facilities and improve social services to local residents, a top official said.
DBP president and chief executive officer Cecilia C. Borromeo said the bank approved a P1.485-billion loan to the provincial government of Camarines Sur that would partly finance more than 170 infrastructure projects including the construction of farm-to-market roads and bridges as well as the repair and maintenance of existing road networks.
“DBP continues to promote sustainable development in Camarines Sur with its latest funding assistance to the provincial government which showcases the synergy between DBP and the local government unit in catalyzing economic growth in the countryside,” Borromeo said.
Camarines Sur is classified as an agricultural-based economy with rice, corn, feedmeal, freshwater fish, coconut, sugar and abacá, among its main products. The province is comprised of 35 municipalities and two cities and is the most populous in the Bicol region with nearly two million residents.
Borromeo said the financing assistance to the provincial government would also be used to fund the construction of multi-purpose buildings, school buildings, hospital buildings, barangay halls, and evacuation centers as well as the acquisition of hospital machineries and equipment.
She said the bank and the provincial government of Camarines Sur have been long-time partners with DBP financing numerous projects in the area including the construction of the Cam Sur Watersports Complex and Gota Beach Resort in the Caramoan Islands located in the eastern side of the province.
“These projects have helped boost the local economy and generate jobs by energizing the tourism sector in the province,” she said.
Borromeo said DBP also granted a P120-million term loan to the municipality of Pasacao to finance the construction of a public market and transport terminal, which is expected to stimulate trade and improve the mobility of goods and people within the area.
“This is the first loan dealing of DBP with the municipality, which is considered as the summer capital of Camarines Sur,” she said.
Pasacao is a third-class municipality with a population of more than 49,000 people. The local economy is dependent on agriculture, fishery, and tourism.