Davao Oriental secures P650M loan from DBP for various projects

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Cecilia C. Borromeo and Nelson L. Dayanghirang
DBP President Cecilia C. Borromeo (2nd from left) and Gov. Nelson L. Dayanghirang of Davao Oriental pose with the P650 million loan agreement for provincial government projects.

THE DAVAO Oriental provincial government has secured a P650 million loan from the government-run Development Bank of the Philippines to fund several “high-impact” projects. At the signing of the loan agreement Friday, Gov. Nelson L. Dayanghirang said the projects will help province improve its delivery of social services as well as pump-prime its economy. “Thank you for supporting our development programs. I know this is a significant amount but we assure you that it will be poured to worthy investments that would really help our constituents,” said Mr. Dayanghirang in a press statement released by the provincial government Saturday. The loan will be used for the following: improvement of the Provincial Tourism Complex with a budget of P160 million; P200 million to buy heavy equipment and construction of the motor pool; P240 million to build and rehabilitate multi-purpose buildings, centers, and hospitals; and the remainder will be for setting up potable water systems. DBP President Cecilia C. Borromeo, for her part, said, “I have heard a lot of good things about the beauty of this province –from white sand beaches to rich biodiversity. And it is only fitting to setup a tourism complex to support the efforts of the national government in further promoting Davao Oriental to local and foreign tourists alike.” Luis C. Bonguyan, former vice mayor of Davao City and a member of the DBP board of directors, told BusinessWorld that the loan package for the province “is among the biggest, if not the biggest that the bank has granted to local government units during the administration of President Rodrigo R. Duterte.” “Local government units like Davao Oriental need funding sources to ensure that their economy will grow better,” said Mr. Bonguyan. — Carmelito Q. Francisco