The Development Bank of the Philippines (DBP) has granted a PHP700 million loan to the Government of Naga City to expedite work on various public infrastructure and social development projects in the area. The loan will be used to fund a variety of infrastructure projects, including road concreting and urban redevelopment. A portion of the loan will also be used to upgrade existing drainage networks and undertake road reconstruction in order to reduce traffic congestion.
The loan was granted under the DBP Assistance for Economic and Social Development for Local Government Units Financing Program (ASENSO) which was launched in 2020 to accelerate economic recovery in the Philippines’ countryside.