DBP and the provincial government of Davao Occidental recently signed a P1.8-billion loan agreement for the financing of various infrastructure and livelihood projects in the country’s newest province.
The DBP loan will be used for the construction of the provincial hospital, provincial capitol building and barangay halls. It will also be used to support the province’s water resource development and housing programs.
The loan assistance will also finance agri-forestry systems, provincial livestock and dairy program, small cottage industries and craft villages as well as the acquisition of heavy equipment and medical equipment.
“We look forward to creating a very progressive Davao Occidental. I hope that this will be the first of many projects that we can do together with the provincial government,” President and Chief Executive Officer Cecilia C. Borromeo said during the loan agreement signing.
The DBP loan assistance is expected to hasten the industrialization of the province which was created by virtue of Republic Act 10360 enacted on July 23, 2016. Davao Occidental, the 81st province in the country was carved out of the province of Davao del Sur. It is composed of the municipalities of Don Marcelino, Jose Abad Santos, Saranggani, Santa Maria and Malita, the provincial capital. The latter is also home to a 600MW coal-fired power plant of San Miguel Power Corporation.