STATE-run Development Bank of the Philippines (DBP) said it has extended over P2 billion to the City Government of Iloilo to bankroll various infrastructure and food-security related projects, which include a modern slaughterhouse.
DBP President and CEO Michael O. de Jesus said the local government unit (LGU) of Iloilo City borrowed a P2.13 billion loan under its “assistance for economic and social development for LGUs financing” program.
About P180 million of the total loan amount would be used for the construction of a “fully-mechanized” slaughterhouse as part of Iloilo City’s goal to boost its livestock production to meet growing demand of its population, according to the DBP.
“DBP re-affirms its long-standing partnership with the local government of Iloilo City with this latest initiative designed to ensure food safety and security in the city, as well as generate more economic opportunities in the locality,” de Jesus said on Thursday.
“The modern slaughterhouse is expected to attain export-grade classification, with its capacity to process more than 500 swine heads a day,” de Jesus added.
The DBP noted that Iloilo City, a first class and highly urbanized city, serves as the center of trade and commerce in the Western Visayas Region. It added that the city has a population of about 490,000.
The remaining amount borrowed by Iloilo City from DBP was used to rehabilitate public markets, construct city hospitals and acquire medical equipment, construct a parking building and acquire sites for the relocation of informal settlers, the DBP said.
De Jesus vows that the lender will continue to “aggressively partner” with more LGUs nationwide and enable them to implement their projects, particularly those designed to accelerate infrastructure and socio-economic development.
The DBP said it has approved P91.7-billion worth of loan approvals under its lending program for 362 LGUs. As of end-September, the bank added that it has released P26.3 billion of loans under the lending program.