DBP lends P180 million for livestock production

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) has extended a P180-million loan to the local government of Iloilo in a bid to boost livestock production amid increasing demand.

DBP recently approved the funding support to the Iloilo City government for the construction of a fully mechanized modern slaughterhouse in the area.

The loan is under DBP’s Assistance for Economic and Social Development (ASENSO) for LGUs Financing Program, the bank’s credit facility that aims to finance LGU projects meant to accelerate infrastructure and socio-economic development.

DBP president and CEO Michael de Jesus said the project would help ensure food safety and security in the city, as well as generate more economic opportunities in the locality.

The modern slaughterhouse is expected to attain export-grade classification, with capacity to process more than 500 swine heads per day.

A first class and highly urbanized city, Iloilo is the center of trade and commerce in Western Visayas with an estimated population of 490,000.

The DBP credit assistance is part of a bigger P2.13-billion loan granted under the ASENSO program to the LGU.

This was used to enhance vital public services such as rehabilitation of public markets, construction of the city hospital and acquisition of medical equipment, construction of a parking building, and acquisition of relocation sites for informal settlers.

“We will continue to partner with more LGUs nationwide and enable them to implement their projects, particularly those designed to accelerate infrastructure and socio-economic development,” De Jesus said.

Under the program, DBP has so far approved P91.7 billion in financing to 362 LGU-borrowers, with loan releases reaching P26.3 billion as of end-September.

DBP is the ninth largest bank in the country in terms of assets. It provides credit support to four strategic sectors of the economy namely, infrastructure and logistics, MSME, environment, and social services and community development.