The local government unit (LGU) of Manila and the Development Bank of the Philippines (DBP) have recently signed a loan agreement worth P10 billion for the construction of several infrastructure projects, for the benefit of the city’s residents.
With a payment term spread out over the span of 15 years, the state-run bank’s loan funding is penned for the development of school buildings as well as socialized housing for informal settlers, within Manila.
District 1’s Rosauro Elementary School, District 4’s Dr. Albert Elementary School, and District 5’s Manila Science High School are all set to have three, 10-story structures built to enhance the capacity and productivity of each educational institution.
While informal settler families will soon have access to housing facilities on the streets of Pedro Gil, San Sebastian, and San Lazaro.
This new agreement adds to the DBP’s previous loan to the city of P5 billion, given in January of last year, for other social infrastructure developments including socialized housing in Binondo and Tondo, Bagong Ospital ng Maynila, and Manila Zoo renovations.
Manila Mayor Francisco “Isko” Domagoso and DBP president and chief executive officer (CEO) Emmanuel Herbosa, formally signed the contract at the Tondominium social housing project site.
“The DBP is honored to be a part of the ardent efforts of the Manila city government to ramp up social services to its residents” Herbosa stated.
He further added that the cooperation between the bank and LGU serves as a “paragon” for more projects that focus on benefitting local communities.
Photo: GMA Network