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Bank signs P650-M loan pact with Davao Oriental

The provincial government of Davao Oriental has secured a P650 million loan from the government-run Development Bank of the Philippines to fund its high-impact project.

At the signing of the loan agreement Friday afternoon, Gov. Nelson L. Dayanghirang said the projects will help province improve its delivery of social services as well as pump-prime its economy.
“Thank you for supporting our development programs. I know this is a significant amount but we assure you that it will be poured to worthy investments that would really help our constituents,” said Dayanghirang in a press statement released by the provincial government Saturday.
Dayanghirang added that the projects are among the components of his development agenda.
The loan, the provincial government said, will fund the improvement of the Provincial Tourism Complex with the budget of P160 million; P200 million will be used in buying heavy equipment and construction of the motor pool; P240 million will be used to build and rehabilitate multi-purpose buildings, centers, and hospitals; and the remainder will be used in setting up potable water systems.
Cecilia C. Borromeo, bank president and chief executive officer, said the loan will help the province become a top economic hub in the country as well a main tourist attraction.
“I have heard a lot of good things about the beauty of this province –from white sand beaches to rich biodiversity. And it is only fitting to setup a tourism complex to support the efforts of the national government in further promoting Davao Oriental to local and foreign tourists alike,” she added.
Luis C. Bonguyan, former vice mayor of Davao City and a member of the board of directors of the bank, told the TIMES earlier in the day that the loan package for the province “is among the biggest, if not the biggest that the bank has granted to local government units during the administration of President Rodrigo R. Duterte.”
“Local government units like Davao Oriental need funding sources to ensure that their economy will grow better,” said Bonguyan, an accountant by profession.
On the improvement of its Provincial Tourism Complex, the province intends build a two-floor dormitory building with a restaurant, a backpacker’s building, a convention center, six tourist villas, a swimming pool and other support facilities, an amphitheater and performance area, a souvenir shop, a coffee shop, a tourism office, and will also improve its landscaping.

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