Manila and DBP sign P10-B loan agreement to finance 6 infrastructure projects – Manila bulletin
Manila Mayor Francisco “Isko Moreno” Domagoso signed a 10 billion peso loan agreement with the Development Bank of the Philippines (DBP) to finance six infrastructure projects in the city.
DBP granted the loan under the Omnibus Term Loan Facility or OTLF.
The fund “can be reallocated to projects from the approved local development plan of the city’s annual investment plan,” according to the agreement.
The six infrastructure projects include three schools – Dr. Alejandro Albert Primary School, Rosauro Almario Primary School, and Manila Science High School, and three residential buildings – Pedro Gil Residences, San Lazaro Residences, and San Residences. Sebastian.
The residential buildings will be added to the ongoing housing development projects of the local government.
Domagoso stressed the need for decent, low-cost housing for the city.
“Housing is an urgent issue to be addressed by the state. I am referring to decent housing, Hindi ‘yung parang bahay ng kalapati lang, ”he said.
DBP Chief Executive Officer Emmanuel Herbosa, DBP Executive Vice President Jose Gabino Dimayuga, DPB Senior Vice President Madeleine Aldana and DBP Senior Vice President Rox Morales were present at the signing ceremony.
The 10 billion peso loan is in addition to the 5 billion peso loan that the DBP already granted to the city government in January 2020.
The city’s housing projects are Tondominium 1 and 2, the Binondominium Residential Building, and the BaseCommunity townhouse style horizontal housing project.
Domagoso also said that the city’s housing projects are not only aimed at underserved areas, as they would also be available to tenants.
“While 70% of it will be occupied by the poor, 30% of it will be occupied by tenants. ‘Yung mga nangungupahan, pwede na rin magkaroon ng sarili nilang tahanan. Pipilitin namin mayakap lahat (Tenants can now have their own house. We try to accommodate them all), ”he said.
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