DBP approves P3-B loan for Mandaue City Hall

THE Development Bank of the Philippines (DBP) has approved a P3-billion loan for the construction of a new Mandaue City Hall.

The building is expected to be eight storeys high and will have “green building features,” it said in a statement on Thursday.

“It will be constructed on a 4.3-hectare property in downtown Mandaue City and will house government frontline offices, satellite offices, as well as executive and legislative offices,” the DBP said.

The bank said the loan was granted under its Assistance for Economic and Social Development for Local Government Units Financing Program.

As of Jan. 31, the bank had approved P108.2 billion in loans for 378 accounts under the program. Total loan releases amounted to P33 billion.

“DBP is ready to work with more LGUs in their pursuit of various initiatives designed to accelerate infrastructure build-up and boost socio-economic development in their respective localities,” DBP President and Chief Executive Officer Michael O. de Jesus said. — Luisa Maria Jacinta C. Jocson