THE Land Bank of the Philippines (LandBank) announced it has financed the major infrastructure projects of the Ilagan City local government worth P3.5 billion (about $55.244 million at current exchange rates).
The state-run lender said it and the local government “maintain a strong partnership geared toward the development” of Ilagan City, a first-class component city and capital of the province of Isabela.
“LandBank really helped us a lot,” Mayor Josemarie L. Diaz was quoted in a statement issued by the Landbank as saying. “Almost all the improvements in Ilagan City are due to our collaboration with LandBank.”
According to the lender, LandBank financed the construction of four essential bridges in the city, including the Baculud Overflow Bridge in Barangay Baculud and the Cabisera 8 Overflow Bridge in Barangay Santa Maria.
“These two overflow bridges significantly increased the mobility of Ilagueños, who previously used boats and bamboo rafts to travel across rivers to reach other parts of the city,” the Landbank statement read.
It claims that the bridges improved the access of residents from remote barangays to basic and support services, such as to the local hospital and public market.
The state-run lender added it also financed the concreting of road networks in the city to “enhance the connectivity” between its 91 barangays. The Landbank said this road network is 90-percent completed as of end-January.
“Built with street lamps and concrete drainage, the concrete road network has made transportation safer and more efficient even in remote areas, especially for farmers who previously struggled to transport their agricultural produce to the market,” the LandBank’s statement read.
The lender said it also supports the LGU’s priority projects for healthcare and public services like the City of Ilagan Medical Center (CIMC).
From having a small infirmary, the 100-bed CIMC now provides advanced medical services, such as endoscopy, radiology and hemodialysis.
The hospital has already received three International Standardization Organization (ISO) Certifications for Quality Management System, Environment Management System and Occupational Health and Management System.
The LandBank said it also financed the construction of the then-Ilagan Municipal Hall (now a City Hall) and multi-purpose barangay halls in the city.
Other projects of the LGU backed by the bank include a sanitary landfill for sustainable waste disposal, a new public market that serves as a central hub for vendors and daycare centers.
Furthermore, the loan will also be utilized for the expansion of the Ilagan City Hotel and Convention Center, as well as the establishment of CIMC’s Contagious Disease building.
The loan is also expected to fund the construction of a public market building in Barangay Hacienda San Antonio and a center with cold storage for agricultural products in Barangay Marana 1st. The lender didn’t say when these projects would commence.
The local government’s assets grew from P700 million in 2007 to P7 billion in 2022, according to LandBank.
