STATE-owned Development Bank of the Philippines (DBP) recently announced it has granted a total of P4.5-billion funding for two huge building projects in Cebu, which aims to boost the delivery of basic government services and the competitiveness of the local economy.
DBP President and Chief Executive Officer Cecilia C. Borromeo said the bank signed a P1.5-billion loan deal with the Cebu provincial government for the construction of a modern 20-story office building and granted a P3-billion loan to a local developer who will put up a mixed-use development tower in Mandaue City.
“These projects illustrate how DBP is assisting local government units in improving their service delivery and partnering with the private sector to stimulate economic activity in the region,” Borromeo said.
With approximately 3 million inhabitants, Cebu province is the most populous province in the Visayas region. Moreover, the province is cited by the Commission on Audit as the richest province in the country, while the capital city is the center of economic activity in the entire Visayas region.
She said that the new 20-story edifice will rise inside the Cebu capitol compound and house most of the provincial offices. The building will serve as a “one-stop shop” and provide comfort and convenience to the transacting public while providing income to the local government through the lease of the commercial spaces in the property.
Positioned as a sustainable-centric structure, the proposed structure is designed to efficiently use energy, reduce wastage, minimize pollution and provide adequate ventilation. It will be loaded with solar panels and an in-house waste and sewage management facility.
“One floor will be allotted for the Emergency Operation Center of the Provincial Disaster Risk Reduction and Management Office and its command center which will house state-of-the-art equipment for province-wide monitoring and early warning system for natural calamities,” Borromeo said.
Borromeo pointed out that the DBP approved the P3-billion loan to Cebu Landmasters Inc. (CLI) to partially finance the construction of its Astra Centre, as well as to support the company’s working capital requirements.
“Strategically located at A. S. Fortuna Street in Mandaue City, the Astra Centre shall have a mall, office spaces, condominium units and shall also house the first Radisson Red Hotel in Asia,” she said.
Cebu-based CLI is a major developer in Cebu with a growing mix of residential, commercial, industrial and mixed-use product offerings. It is also developing the Davao Business Park in Matina, Davao City.