The Development Bank of the Philippines (DBP) has extended a P600-million loan to finance key infrastructure projects of the city government of Tuguegarao that will stimulate economic activity in the capital of Cagayan province.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank is lending P400-million for the reconstruction of the Don Domingo public market, and another P200-million for the repair of various roads in Tuguegarao City.
“DBP is proud to be partnering anew with the local government of Tuguegarao City for these projects that will give residents a new public market and more well-paved roads,” he said.
“We envision the public market to stimulate economic activity in Tuguegarao and provide micro entrepreneurs with a venue to ply their trade. We are confident that our assistance will go a long way in helping sustain economic growth in the city through the provision of modern infrastructure and community facilities.”
Tuguegarao City Mayor Jefferson Soriano expressed gratitude to DBP for supporting the city government’s various development programs.
“Thank you to DBP for the assistance and I hope we can continue our partnership in the future,” he said.
Tuguegarao is the most populous city in Region II with more than 153,500 residents as of the 2015 census.
It is the center of trade and commerce in the region and one of the fastest-growing cities in the country.
The city government of Tuguegarao is a long-standing partner of DBP which has previously assisted its projects such as the acquisition of garbage compactors and the construction of classrooms and school buildings in different public schools.
The city is also a top depositor of DBP Tuguegarao branch and has availed of various cash management solutions of DBP such as Point of Sale terminals, prepaid cards, ATM payroll, deposit pick-up, and eGOV services.