The local government unit (LGU) of Tuguegarao City has received a PHP311.8 million term loan from the Development Bank of the Philippines (DBP) to fund public infrastructure and agriculture productivity improvement projects in the area.
The loan was provided through the Bayanihan Interest Subsidy Fund, a part of the Assistance for Economic and Social Development for LGUs Financing Program and will be used to fund the development of drainage systems and road concreting, among other things.
Since 2008, DBP has been a development partner of Tuguegarao City, having previously granted the city two long-term loan facilities totalling PHP120 million in 2017 and PHP600 million in 2018, which were allocated to finance education, public works, and solid waste management projects.
