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PIA Press Release
2005/12/03

P900-M LBP loan to generate more jobs

By Rose B Palacio

Davao City (3 December) -- Davao Cty's P900 million loan from the Land Bank of the Philippines (LBP) is expected to fuel priority programs of the city government and generate more jobs for Dabawenyos.

"The LBP board of directors approved a P990-million loan facility through LBP board resolution no. 04-341 that will finance the Davao Development Plan of the city government," city administrator Wendel Avisado said.

Initially, 1,602 jobs are expected to be created from the proposed five projects identified under the city's plan.

Planned projects under the P900-million Land Bank loan include: the construction of farm-to-market roads and alternate routes that is projected to cost P160 million and expected to generate about 1,022 jobs.

The project comprises the construction of the Bunawan-Cabantian road section and the Calinan-Toril section. The 19.01 kilometer Bunawan-Cabantian road will link seven barangays and will directly benefit 72,547 residents including farmers residing in the area.

The 25.30-kilometer Calinan-Toril road will traverse nine barangays and will benefit about 59,617 residents and will serve as a venue for development as road production for some 6,396.44 hectares of agricultural lands will be put in place.

The 6,396.44 hectares of agricultural lands are currently untapped. Once developed this will ease traffic along Calinan-Ulas road junction.

Another proposed project under the approved loan facility is the P250-million Urban and Drainage and Flood Control that will create about 300 jobs.

The project under the Shelter and Urban Land Reform program would cost about P100-million and is expected to create some 200 jobs.

This involves the acquisition and development of 40 to 50 hectares of new relocation and settlement sites. The city government has identified 1,906 households qualified for relocation under the UDHA law.

The Road and Drainage Maintenance project costing about P130-million is expected to maintain and improve road conditions thus would provide easy access and delivery of goods and services. (PIA) [top]

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