STATE-owned Development Bank of the Philippines (DBP) recently signed a P9.5-billion loan agreement with the Bases Conversion and Development Authority (BCDA) to partially fund their joint venture for the construction and development of Phase 1-A of the National Government Administrative Center (NGAC) in New Clark City, Pampanga.
According to the DBP, the loan will comprise 75 percent of the P13-billion budget to construct the initial phase of the NGAC. This phase involves the development of disaster-resilient backup offices of various agencies and embassies of various countries, a world-class sports stadium with 20,000 seating capacity, an aquatic center, a village for athletes, government housing and support service facilities.
Meanwhile, the DBP also recently granted Camarines Sur a P1.6-billion loan facility that would finance critical infrastructure projects and public facilities, and improve social services to local residents, a top official said.
DBP President and CEO Cecilia C. Borromeo said the bank granted a P1.485-billion loan to the provincial government of Camarines Sur that would partly finance more than 170 infrastructure projects including the construction of farm-to-market roads and bridges, as well as the repair and maintenance of existing road networks.
“DBP continues to promote sustainable development in Camarines Sur with its latest funding assistance to the provincial government which showcases the synergy between DBP and the local government unit in catalyzing economic growth in the countryside,” Borromeo said in statement.