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DEVELOPMENT Bank of the Philippines (DBP) signed two new loans worth P1.275 billion with Allied Care Experts (ACE) Medical Group to improve two of the latter’s health facilities in Tuguegarao and Bulacan.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said in a statement on Thursday that P655 million will be used to construct a 101-bed five-storey Level 2 hospital building for ACE Medical Center–Tuguegarao. The funds can also be used to buy medical equipment.

The remaining P620 million will be spent to build a 103-bed seven-storey Level 2 hospital building for the hospital’s facility in San Jose del Monte, Bulacan, Mr. Herbosa said.

“We hope that through these ventures, DBP can positively contribute to the holistic development of Tuguegarao and San Jose Del Monte,” he said.

The financing will help boost the overall capacity of the country’s healthcare system, said Jose Gabino D. Dimayuga, DBP executive vice- president for development lending.

Mr. Dimayuga said the bank continues to work with the government and the private sector to build the health facilities, especially amid the coronavirus pandemic.

ACE Medical Group has nine hospitals across the country. The first branch was built in Subic Bay Freeport Zone in 2011.

In March, the state-led bank approved a P760-million loan for the Pangasinan branch of ACE Medical Center for the construction of a new seven-storey hospital building and buy medical equipment.

DBP is a state-owned bank mandated to extend credit to strategic sectors, particularly on infrastructure and logistics, micro, small and medium enterprises, social services, community development and the environment.

It posted a net profit of P3.9 billion last year, down 30.4% from the 2019 level. — BML