DBP, 4 other banks to finance expansion of Manila-Cavite toll road

0
485

STATE-OWNED Development Bank of the Philippines (DBP) and four other private banks recently signed an omnibus loan agreement worth P3.5 billion with UEM-MARA Philippines Corp (UMPC) to partially finance expansion of the Manila-Cavite Toll Expressway project.

The seven-kilometer, four-lane toll road project will extend the Coastal Road from Zapote, Alabang to Kawit, Cavite, and will provide for the safe, convenient, and efficient travel of goods and motorists from Metro Manila and the southern region of Manila and vice versa. The project is expected to be completed by 2008.

DBP president and chief executive officer Reynaldo David underscored the socio-economic benefits of the project and its contribution to the growth strategy of the national government.

"With UMPC’s efficient and safe expressway, the compounding of productivity will be highly possible. And as UMPC’s project gives way to more industrial park and ecozone developments in Cavite, new doors will open to a lot more possibilities, including the decongestion of Metro Manila and the reinforcement of Cavite as another formidable center of growth," he added.

DBP will lend P1.5 billion for the project while the four other participating banks – Banco de Oro Universal Bank, China Banking Corporation, Equitable PCI Bank, and Union Bank of the Philippines – will lend P500 million each. DBP and BDO Capital & Investment Corp arranged the syndicated loan for UMPC.