State-owned Development Bank of the Philippines said Thursday it has extended a P3-billion loan to the local government unit of Mandaue City for the construction of a new city hall.In a news release, DBP president and CEO Michael de Jesus said the P3-billion loan to Mandaue City LGU was granted under its Assistance for Economic and Social Development for LGUs Financing Program.The amount would finance the construction of the city’s new one-stop shop government center.
The DBP is the eighth largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
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