BACOLOD CITY ,Philippines — The Development Bank of the Philippines (DBP) is ready to grant a loan between P300 million to P400 million to the Negros Occidental provincial government for the rehabilitation of the stadium of the Paglaum Sports Complex in Bacolod City.
DBP President and Chief Executive Officer Francisco Del Rosario said they are looking at funding the "rehabilitation, renovation, and reconfiguration" of the Paglaum Sports Complex stadium, based on the loan application of the provincial government.
"That's P300 to P400 million. There is a strong possibility that we will fund it," Del Rosario told reporters in an interview after the opening ceremonies of the 1st Negros Food Fair and Mayflower Festival at the Panaad Park and Stadium Friday.
Del Rosario said they are also looking at approving the loan application of the Silay City government for a road project in Silay that runs at least 11 kilometers and is expected to cost P130 million.
The two projects alone would cost more or less P600 million in projects for Negros Occidental, he said.
Del Rosario said DBP is willing to finance any noteworthy projects in the province because it is part of their mandate, which is to develop the countryside.
"But more than that, we, at DBP, wanted to show our commitment to Negros Occidental because there is a lot of potentials here," he said. "There is a lot of projects in the pipeline: the sports stadium, roads, water, power, infrastructure, health tourism. DBD is always ready to help out."
Del Rosario said DBP gives standby credit lines for different LGUs, and Negros Occidental is one of them. The available standby credit line is to forego long processing of loans in case an LGU applies for one, he said.
"These standby credit lines will be utilized for specific projects in the future, but the LGUs have to get to back to us, we will have to evaluate each project on a case-to-case basis," he explained.
"As far as Negros Occidental is concerned, I'm optimistic because the people here are working together. I can see unity. The local officials are cooperating with each other as far as development is concerned," Del Rosario said when asked how he assesses the economy of Negros Occidental.
He said the projects and plans of local officials are rational and long-term so DBP is confident in investing here.
"We're always committed whatever noteworthy projects there are in the area," Del Rosario said.