DEVELOPMENT BANK of the Philippines (DBP) approved a P98.3-million loan for the initial funding for infrastructure projects in the Canaman municipality of Camarines Sur.

The state-owned bank said in a press release on Thursday that the loan would support housing development, a public market, an intermodal terminal, multi-purpose buildings, and a municipal memorial park and public cemetery.

“The loan proceeds would be used to purchase lots and commence site development, including a 5.5-hectare housing project that can accommodate about 560 beneficiaries including informal settlers,” DBP said.

Canaman is a fourth-class municipality with 24 barangays and a population of over 30,000.

The loan agreement was signed by Canaman Municipal Treasurer Leo Cataluna, DBP Senior Assistant Vice-President Ariel B. Peña, and Canaman Municipal Mayor Nelson Legaspi. 

DBP last month extended a P50-million loan to Sipocot Water District (SIPWADI) to rehabilitate its water lines and provide services to more barangays in Camarines Sur.

This was the first time SIPWADI signed a loan agreement with a financial institution in its 43 years of public utility service.

DBP is the country’s designated infrastructure bank. It was the sixth-largest lender in terms of assets with P1.102 trillion as of March, based on central bank data. It also provides credit to small businesses, social services and community development.

The bank’s net income fell 62% to P547.83 million in the first quarter from P1.455 billion a year earlier after its operating expenses climbed. — J.P. Ibañez