DAVAO DEL SUR – The Land Bank of the Philippines (LANDBANK) is extending a P700-million loan to the Provincial Government of Davao del Sur to finance the province’s development projects in health, tourism, infrastructure, and digitalization.
The Provincial Government and LANDBANK recently signed a loan agreement to formalize the partnership. It was led by Governor Yvonne Roña Cagas and LANDBANK Senior Vice President Charlotte I. Conde, and witnessed by other local and Bank officials.
“LANDBANK is working closely with Davao del Sur and other local government partners nationwide for the rollout of meaningful projects to promote economic activities. Our support to local communities will further drive our broader thrust of serving the nation in support of the National Government’s inclusive development agenda,” said LANDBANK President and CEO Lynette V. Ortiz.
Of the total loan amount, P215 million will be allocated to upgrade the Davao del Sur Provincial Hospital (DSPH), including the acquisition of various medical, dental and hospital laboratory equipment for enhanced delivery of healthcare services.
The planned expansion and improvements will effectively upgrade the DSPH from a Level II to a Level III Tertiary hospital, with an increased bed capacity of 200 and a three-story building dedicated as a birthing facility.
Complementing the Provincial Government’s bid for enhanced healthcare services is the establishment of a Bio-Medical Waste Management System to be funded through P40 million from the approved loan. The system will be designed to comply with the strictest environmental and bacteriological reduction standards.
Meanwhile, some P220 million will also finance the completion of the Gov. Douglas Ra. Cagas Sports Complex and Business Center in Digos City. The project includes the construction of a rubberized track and field oval, basketball, volleyball, and badminton courts, and improvement of the existing grandstand, among others.
Another P125 million will be allocated to purchase brand-new heavy equipment and service vehicles, to be used in the maintenance and rehabilitation of roads, bridges and other infrastructure projects across the province for improved mobility of people and agricultural produce.
The remaining P100 million will be dedicated to the establishment of the Revenue Administration and Management System with Integrated Financial Management Information System, aimed to automate the Provincial Government’s transactions and services.
The system is also expected to further advance the local government’s efforts in the delivery of efficient public service while promoting transparency and accountability.
LANDBANK continues to extend necessary credit assistance to local government units (LGUs) to spur inclusive and sustainable economic development. As of end- April 2023, the state-run Bank’s outstanding loans to LGUs nationwide hit P95.12 billion.
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