MANILA, Philippines — State-run Development Bank of the Philippines (DBP) has extended a P5-billion loan facility to the city government of Manila to finance various projects of the local government unit.
DBP president and chief executive officer Emmanuel Herbosa said the financial assistance under the incumbent administration of Mayor Isko Moreno would be used to fund the expansion of the Ospital ng Maynila, construction of the Manila Skydeck, construction and maintenance of various health centers as well as the re-development of the Manila Zoo including the construction of a sewage treatment plant.
“I am optimistic that this is the start of another long and fruitful collaboration between our institutions; one that will revive Manila and bring it back to its rightful throne as one of the most beautiful, captivating cities in the country,” Herbosa said.
He said DBP is fortunate to be given the opportunity to serve the people of Manila through the loan facility, which is in line with the bank’s mandate to generate economic opportunities and the improvement of social services that would benefit the residents of the nation’s capital.
“Rest assured that DBP, as a government financial institution will continually support sustainable social projects that would cater to the basic needs of our people,” Herbosa added.