DBP extends P95.8-M term loan

MANILA, Philippines - The Development Bank of the Philippines (DBP) has extended a P95.8-million term loan facility recently to the Legazpi City Water District (LCWD) to support the latter’s expansion project aimed at improving its services to residents of the city. The expansion project will involve the installation of pipelines that will address the problem of low water flow in elevated areas, ensure continued water supply, and improve health and sanitation in Legazpi City especially in remote areas.  The DBP financing is also seen to benefit more than 5,558 unserved and underserved households.  LCWD also aims to increase its number of concessionaires to 25,387 in 2020 and to more than 30,000 in 2029 with the help of the DBP assistance. The local water district covers the entire city of Legazpi, with a total population of 182,201 as of 2010 census.  It presently serves 53 out of 70 barangays, or equivalent to 113,727 out of the 188,836 serviceable population. DBP already assisted more than 10 of the 37 water districts in Bicol, with additional financing for the other water districts in the pipeline next year.