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DBP supports New Clark City project

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Development Bank of the Philippines (DBP) chairman Alberto G. Romulo (fourth from left) shakes hands with AlloyMTD Holdings chairman Isaac David at the signing of a P9.5-billion loan agreement to partially finance the requirements of the latter’s joint venture agreement with the Bases Conversion Development Authority (BCDA) for the construction and development of Phase 1A of the National Government Administrative Center (NGAC) in New Clark City.

Witnessing the signing held at the DBP Head Office were (from left): BCDA president and chief executive officer Vivencio Dizon, AlloyMTD Holdings president Patrick Nicholas David, DBP president and chief executive officer Cecilia C. Borromeo, DBP executive vice president Anthony Robles, and DBP senior vice president Lilia Baun.

The DBP funding assistance represents 75% of the P13-billion budget to build the first phase of the NGAC, which involves the development of disaster-resilient back-up offices of various agencies and embassies of various countries, a world-class sports stadium with 20,000 seating capacity, an aquatic center, a village for athletes, government housing and support service facilities.

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