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May 21, 2021 STATE-RUN Development Bank of the Philippines (DBP) and the local government of Manila have signed a new P10-billion 15-year term loan agreement to fund various public infrastructure projects in the area under the city’s ambitious Development Plan, a top official said. DBP President and Chief Executive Officer Emmanuel Herbosa said the bank’s assistance to the City Government would be used to bankroll the construction of school buildings in three districts and the establishment of a landmark housing project benefitting informal settlers and urban poor communities in Manila. “DBP is honored to be a part of the ardent efforts of the City Government of Manila to scale up and ramp up social services to its residents,” Herbosa said during the loan signing ceremony on May 21 in Tondo, the birthplace and place of residence of incumbent Mayor Francisco “Isko Moreno” Domagoso.

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