Manila gets P10 billion loan from DBP

MANILA, Philippines — Manila Mayor Isko Moreno yesterday signed a P10-billion loan agreement with the state-run Development Bank of the Philippines (DBP) to finance the construction of various infrastructure projects in the city.

Moreno and DBP president and chief executive officer Emmanuel Herbosa signed the agreement at the Tondominium site project.

Herbosa said the loan, with a term of 15 years, would fund the construction of school buildings in the city’s three districts and socialized housing units for informal settler families.

“The DBP is honored to be a part of the ardent efforts of the Manila city government to ramp up social services to its residents,” Herbosa said. “May this partnership be a paragon for more productive endeavors to benefit local communities.”

Under the agreement, the loan proceeds would be utilized for the construction of three 10-story buildings at Rosauro Almario Elementary School in District 1, Dr. Albert Elementary School in District 4 and Manila Science High School in District 5.

The amount will also bankroll three in-city housing buildings along San Sebastian, San Lazaro and Pedro Gil streets.

In January last year, the DBP granted a P5-billion loan to the city government to finance social development projects such as the 10-story Bagong Ospital ng Maynila, housing projects in Tondo and Binondo and the renovation of Manila Zoo. – Jose Rodel Clapano