CAGAYAN DE ORO CITY—The Development Bank of the Philippines (DBP), in its continuing mandate to stir economic development in Northern Mindanao, signed a P250-million loan agreement with the provincial government of Misamis Oriental on Thursday.
DBP said that the loan would finance for the acquisition of heavy equipment to develop, rehabilitate and maintain 1,800 kilometers of barangay roads and 1,080 km of farm-to-market and alternate-access roads based on the province’s Enhanced Provincial Development Plan for the period 2013 to 2018.
Neogen Chaves, DBP senior assistant vice president and head, Regional Marketing Center for Northern Mindanao, said that loan awarded to the local government unit (LGU) of Misamis Oriental is part of the bank’s mandate in stirring economic development in the entire country. “DBP is always ready to extend assistance to LGUs where we see it’s needed, and in the case of Misamis Oriental the loan amount would justify the need of the province to acquire the needed heavy equipment for the road projects and address the lack of hospital equipment, among others,” said Shirley Mae Serate, head DBP Cagayan de Oro branch.
Misamis Oriental Gov. Yevgeny Emano said that the bulk of the loan amount, or P200 million, would be for the acquisition of the heavy equipment, such as bulldozers, backhoes, pay loaders, dump trucks, pickup vehicles, for the road projects, while the remaining P50 million would be spent to rehabilitate and equip the eight hospitals of the province with x-ray machines, air-conditioning systems, ambulances and various medical and hospital equipment and complete mobile clinics, among others.
Butch Enerio