DBP grants P500-M loan for infra development to Kabankalan City
Negros Occidental (13 February) -- The City of Kabankalan and the Development Bank of the Philippines (DBP) recently inked a memorandum of agreement on the P508,630,000 loan for the construction of road network of the different barangays in the city.
Kabankalan City Engineer Rogelio Diaz said that a total of 44.54 kilometers of roads are set to be constructed covering barangays Linao, Tampalon, Tabugon, Tagoc, Pinaguinpinan, Inapoy, Bantayan and Locotan.
"This road construction will boost business transactions and closer relations of our city to the city of Bayawan, municipalities of Ayungon, Mabinay and Manjuyod, which are the nearest LGUs in the Oriental side of Negros," Kabankalan City Mayor Pedro Zayco said in his message prior to the signing.
Zayco added that the city is grateful to DBP for increasing the loan which is an indication of the confidence of the bank that the economy of Kabankalan is stable and bankable.
DBP increased the loan by P200 million from the initial loan of P300 million. The city is reserving the additional amount for other planned infrastructure projects like the modern slaughter house and auction house in Brgy. Hilamonan.
Representing DBP is its Regional Management Center head Jonathan Teves and DBP-Kabankalan branch head Adonica Estores while the city is represented by Mayor Zayco, Vice Mayor Delia Anacan, members of the Sangguniang Panlungsod and the different department heads of the city. (PIA/EAD) [top]