DBP, AlloyMTD ink P9.5-B loan

THE Development Bank of the Philippines (DBP) and construction company AlloyMTD signed on Tuesday a P9.5-billion loan agreement to develop the National Government Administrative Center (NGAC) at New Clark City (NCC) in Tarlac province’s Capas and Bamban towns.

DBP Chairman Alberto Romulo and President and CEO Cecilia Borromeo, and AlloyMTD Chairman Isaac David and President Patrick Nicholas David led the signing at the staterun lender’s head office in Makati City.

The loan represents 75 percent of the P13-billion budget to build the first phase of NGAC, David said. The rest will be the equity counterpart of the company.

The project is a joint venture between stateowned Bases Conversion and Development Authority (BCDA) and MTD.

“With this loan agreement, a world- class facility will soon rise at New Clark City,” BCDA President and CEO Vivencio Dizon said during the ceremony.

“The modern metropolis will be the next growth driver in Luzon and serve as a premiere center of economic growth…” he added.

The DBP Board approved the deal on March 21 after the Philippine Competition Commission (PCC) approved the JV on March 13.

NGAC broke ground on January 23.

The 40-hectare Phase 1A of the project will develop disaster-resilient back-up offices of various government agencies, a 20,000-seat stadium, aquatic center, village for athletes competing in the 2019 Southeast Asian Games, government housing, and supportservice facilities.

MTD aims to complete these by October 15, 2019.

Once the first phrase is complete, Phase 1B will start building more government offices and residential units on 20 hectares of land, BCDA said.

ANNA LEAH E. GONZALES