DBP grants P700-M Naga development loan – Manila bulletin
The Development Bank of the Philippines (DBP) has provided a loan of 700 million pesos to the Local Government Unit (LGU) of Naga City, Camarines Sur to accelerate public infrastructure and social development.
According to DBP President and CEO Emmanuel G. Herbosa, LGU will use the loan to build a new level 1 three-storey Naga City Hospital and acquire plots for social housing in the city, the concreting of roads and other urban redevelopments.
“The proposed new Naga City Hospital will have a capacity of 200 beds, in line with LGU’s efforts to improve the current bed-to-population ratio from 1: 2,234 to 1: 1,955 and complement the local hospital capacity of LGU,” did he declare. Noted.
“The DBP supports these development initiatives because it strengthens the city’s income generation capacity while expanding its role as a center of trade and commerce in the Bicol region,” he explained.
Part of the credit aid will also provide 2,601 housing lots for needy families while another part will be used to improve the drainage network and rehabilitate roads to relieve traffic congestion.
The financial assistance was granted as part of the DBP’s economic and social development assistance financing program for local communities launched last year to help the country’s economic recovery.
A 2nd class income city, Naga City was incorporated as a charter town in 1948 and is known as the âQueen City of Bicolâ due to its central location on the Bicol Peninsula.
It has a population of 174,931 and is a prime site for regional operating centers by some of the country’s largest companies.
Currently, DBP’s partnership with the city includes a payroll service for construction workers, as well as an electronic payment system for property taxes.
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