Landbank OKs P700 million loan for projects in Davao del Sur

MANILA, Philippines — State-run Land Bank of the Philippines (Landbank) has approved a P700-million financing package for various projects aimed at developing the local government of Davao del Sur.

Landbank said it granted the loan to the provincial government to boost countryside development, particularly on health, tourism, infrastructure and digitalization.

The bulk of the loan at P220 million will fund the completion of a sports complex and business center in Digos City.

The project includes the construction of a rubberized track and field oval, basketball, volleyball and badminton courts, and improvement of the existing grandstand, among others.

Another P215 million will be allotted to upgrade the Davao del Sur Provincial Hospital, including the acquisition of various medical, dental and hospital laboratory equipment for enhanced delivery of healthcare services.

The expansion aims to upgrade the provincial hospital to Level 3-tertiary, which means that it can provide all services.

It will also increase the bed capacity by 200 and include a three-story building dedicated as a birthing facility.

Some P125 million will also be earmarked to purchase brand-new heavy equipment and service vehicles.

These will be used in the maintenance and rehabilitation of roads, bridges and other infrastructure projects across the province for improved mobility of people and agricultural produce.

The LGU will use another P100 million to establish a revenue administration and management system with integrated financial management information system that would automate transactions and services.

The system is expected to advance the local government’s efforts in the delivery of efficient public service while promoting transparency and accountability.

The remaining P40 million will finance the creation of a biomedical waste management system that will be designed to comply with environmental and bacteriological reduction standards.

As of end-April, Landbank’s outstanding loans to LGUs in line with spurring inclusive and sustainable economic development nationwide hit P95.12 billion.