New Mandaue city hall gets P3 billion financing

MANILA, Philippines —  State-run Development Bank of the Philippines (DBP) has extended a P3-billion loan financing to the local government of Mandaue in Cebu for the construction of a center that would boost delivery of services.

DBP recently approved the P3-billion funding support to the local government of Mandaue for the construction of a new  city hall.

The latest 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 funding would support Mandaue in its goal to make it easier for constituents to transact by establishing a center that will house all government offices and departments.

The center will be an eight-story structure with green building features.

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

Mandaue City is a first-class and highly urbanized city in Cebu that is home to a number of major manufacturing and export companies in the region.

Under the ASENSO program, DBP has so far approved P108.2 billion in financing to 378 LGU-borrowers, with loan releases reaching P33 billion as of end-January.