DBP extends P3-B loan to Mandaue for new city hall

State-owned Development Bank of the Philippines (DBP) said Thursday it has extended a P3-billion loan to the local government unit (LGU) of Mandaue City for the construction of a new city hall.

In a news release, DBP president and CEO Michael de Jesus said the P3-billion loan to Mandaue City LGU was granted under its Assistance for Economic and Social Development (ASENSO) for LGUs Financing Program.

The amount would finance the construction of the city’s new one-stop shop government center.

“DBP believes in the vision of the Mandaue City LGU of making it easier for all its constituents to transact with the government by building a new government center where all government offices and departments will be housed,” de Jesus said.

“This is in line with President Ferdinand R. Marcos, Jr.’s goal to promote transparent and efficient public governance,” the DBP official said.

The DBP is the eighth largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.

Mandaue City, meanwhile, is a first-class and highly urbanized city in Cebu province with an estimated population of over 364,000 as of latest government data and is home to a number of major manufacturing and export companies in the region.

De Jesus said the DBP-financed new city hall for Mandaue City would be at least eight storeys high and will have green building features.

It would be constructed on a 4.3-hectare property in downtown Mandaue City and would house government frontline offices, satellite offices, as well as executive and legislative offices.

“As of January 31, 2024, the DBP has approved a total loan amount of P108.2-billion for 378 accounts under the ASENSO for LGUs Financing Program, with total loan releases amounting to P33-billion,” de Jesus said.

“DBP is ready to work with more LGUs in their pursuit of various initiatives designed to accelerate infrastructure build-up and boost socio-economic development in their respective localities,” he said.