State-owned Development Bank of the Philippines recently granted a P180-million loan to the city government of Iloilo as part of ongoing efforts to bolster livestock production to meet the rising demand in the fledgling city.
DBP president and chief executive officer Michael O. de Jesus said the project was financed under the Bank's Assistance for Economic and Social Development for LGUs Financing Program and would be used primarily to construct a fully-mechanized modern slaughterhouse in the area.
"DBP re-affirms its long-standing partnership with the local government of Iloilo City with this latest initiative designed to ensure food safety and security in the city, as well as generate more economic opportunities in the locality," De Jesus said.
The state-owned bank is the ninth largest bank in the country in terms of assets and provides strategic financing support to critical economic sectors such as infrastructure and logistics, micro, small and medium enterprises, social services and the environment.
A first class and highly urbanized city, Iloilo City is the center of trade and commerce in the Western Visayas region with an estimated population of 490,000 as of the latest government data.
De Jesus said the modern slaughterhouse is expected to attain export-grade classification, with its capacity to process more than 500 swine heads a day.