DBP extends P2 B loan to Butuan water utility
State-run Development Bank of the Philippines (DBP) has extended a P2 billion loan to the local government unit of Butuan City and a private corporation to fund key initiatives aimed at improving services to the community and sustaining the fast-growing local economy, a top official said.
DBP president and chief executive officer Cecilia Borromeo said the bank has signed a P1.3-billion loan agreement covering mainly health care, solid waste, and disaster risk reduction management initiatives with the Butuan City LGU.
“DBP is stepping up its efforts to promote economic growth in Mindanao with its latest projects in Butuan City. We are optimistic these initiatives can improve the investment climate, generate more employment opportunities for the residents, and enhance the delivery of basic social services in the city,” Borromeo said.
Proceeds of the first loan agreement will fund the construction of a materials recovery facility as well as to procure 53 units of light and heavy dump trucks to support major infrastructure projects and to help improve garbage collection and disposal.
The Butuan LGU is also building a command center to house the Butuan City Disaster Risk Reduction and Management council, emergency response team, fire brigade, and CCTV monitoring center.
DBP is also funding the construction of the 200-bed new Butuan Medical Center building to increase the hospital’s capacity by 300 percent as well as the Butuan City south supermarket envisioned to be the center of commerce.
“The facility will be complemented by a bus terminal and help reduce traffic in the city center,” Borromeo said.
She added the government owned financial institution also granted a P684 million loan to Taguibo Acquatech Solutions Corp. for its bulk water project designed to improve water supply and quality in Butuan City.