The local government of Tuguegarao in Cagayan province successfully obtained financial support from the Development Bank of the Philippines (DBP) for the construction of a local infrastructure.

“(DBP) has extended a P600 million loan to finance key infrastructure projects of the city government of Tuguegarao that will stimulate economic activity in the capital of Cagayan province,” DBP said.

According to DBP president and CEO Emmanuel Herbosa, a portion of the P600 million loan to the local government unit (LGU), or P400 million, will finance the reconstruction of the Don Domingo public market and the remaining P200 million for the repair of various roads in the city.

“DBP is proud to be partnering anew with the local government of Tuguegarao City for these projects that will give residents a new public market and more well-paved roads,” Herbosa said.

“We envision the public market to stimulate economic activity in Tuguegarao and provide micro entrepreneurs with a venue to ply their trade,” he added.

Herbosa expressed confidence that with the loan, Tuguegarao’s economic growth will be sustained.

“We are confident that our assistance will go a long way in helping sustain economic growth in the city through the provision of modern infrastructure and community facilities,” Herbosa said.

In response, Tuguegarao City Mayor Jefferson Soriano expressed his gratitude to the state-owned lender and hoped for the partnership to continue.

“Thank you to DBP for the assistance and I hope we can continue our partnership in the future,” Soriano said.

DBP typically extends various LGU assistance in the acquisition of garbage compactors and the construction of classrooms and school buildings in different public schools.