State-owned Development Bank of the Philippines (DBP) has granted a P4-billion credit assistance to the city government of Cabuyao to finance key public infrastructure projects in the first-class component city of Laguna, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the loanwas approvedunder the Bank’s Assistance for Economic and Social Development (ASENSO) for Local Government Units Financing Program and was earmarked to enhance vital services in the areas of education, public health, access and mobility, disaster-mitigation, and public security, among others.
“DBP’s latest partnership with the city government of Cabuyao is aligned with the 10-point agenda of President Ferdinand R. Marcos, Jr., particularly the promotion of transparent and efficient governance, and advancement of healthcare and education in the country, ” de Jesus said.
DBP is the tenth largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy — infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
Cabuyao City is located about 43 kilometers southeast of Metro Manila and has an estimated population of about 355,330 residents as of latest government data. It is the 7th largest economy in Laguna typified by a thriving local economy boosted by the presence of several industrial estates.
