A top official of the state-owned Development Bank of the Philippines (DBP) announced recently that it has extended a PHP 3 billion loan to the local government of Mandaue City for the construction of a new City Hall in the area.
Mandaue is a first-class and highly urbanized city in the province of Cebu. As of the latest government data, it has a population of over 364,000 and is home to major manufacturing and export companies in the region.
During the ceremonial loan-signing held at the office of Mandaue City Mayor Jonas Cortes, Michael O. de Jesus, the president and CEO of DBP, disclosed that the loan was provided through the bank’s innovative Assistance for Economic and Social Development (ASENSO) for LGUs Financing Program.
The funds will be earmarked for the establishment of a one-stop shop government center in the city.
DBP president and CEO Michael O. de Jesus (third from left) and DBP Chairman Philip G. Lo (fourth from left) strike a pose with Mandaue City Mayor Jonas Cortes (fifth from left) during the ceremonial signing for DBP’s P3-billion loan to the City Government of Mandaue. Also in photo are DBP Directors Victor Alfonso Limlingan and Emmeline David (first and second from left, respectively) along with Mandaue LGU officials.
Advancing transparent and efficient public governance
“DBP fully supports the vision of the Mandaue City LGU to enhance accessibility for all its constituents by developing a new government center that consolidates all government offices and departments,” de Jesus affirmed. “This initiative aligns with President Ferdinand R. Marcos, Jr.’s commitment to advancing transparent and efficient public governance.”
DBP, ranked as the eighth largest bank in the Philippines based on assets, focuses on extending 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.
Mandaue City, designated as a first-class and highly urbanized city within Cebu province, boasts an estimated population exceeding 364,000 as per the latest government data. It serves as the base for numerous major manufacturing and export firms in the region.
De Jesus also shared that the proposed office structure will stand at least eight storeys tall and will incorporate green building features. Situated on a 4.3-hectare property in downtown Mandaue City, it will accommodate government frontline offices, satellite offices, as well as executive and legislative offices.
The loan agreement between DBP and Mandaue City represents a significant project this year under the ASENSO for LGUs Financing Program.
This initiative aids LGUs in implementing various infrastructure projects, including the procurement of machinery and equipment, and the establishment of intelligent, sustainable, and disaster-resilient communities nationwide.
“As of January 31, 2024, DBP has sanctioned a total loan amount of P108.2 billion for 378 accounts under the ASENSO for LGUs Financing Program, with total loan disbursements reaching P33 billion,” de Jesus further stated.
“DBP stands prepared to collaborate with additional LGUs in advancing their diverse initiatives aimed at accelerating infrastructure development and enhancing socio-economic progress in their respective localities,” he added.
