DBP grants 1B Loan to SoCot Province

Koronadal City, South Cotabato – The Development Bank of the Philippines (DBP) approved to extend in favor of South Cotabato Province an Omnibus Term Loan Facility (the “Loan”) in the principal amount of One Billion Pesos (P1,000,000,000.00) or 100% of the total winning bid price whichever is lower.

The signing of loan agreement between the two (2) parties was successfully held on March 18, 2021, at The Farm @ Carpenter Hill in this city.

South Cotabato Province was represented by Governor Reynaldo S. Tamayo, Jr. who was authorized to sign on its behalf, in accordance with Provincial Ordinance No. 06, Series of 2021, while DBP was represented by its OIC General Santos LC Mgr. Sonia T. Taniza.

The loan facilities include the following:

a) 12-year term loan for the construction of a 3-storey office/capitol building (right wing);

b) 12-year term loan for the construction/renovation/completion of the Protech Building;

c) 12-year term loan for the construction of a hospital building;

d) 12-year term loan for the rehabilitation/replacement of the existing rubberized oval track and/or construction of additional rubberized oval track within South Cotabato Province; and

e) new 12-year term loan for other infrastructure/developmental projects.

Also in attendance were DBP Board of Director Atty. Rogelio “Bic Bic” V. Garcia; DBP Regional Legal Officer Atty. Elvie E. Albano; Provincial Legal Officer Atty. Marnito B. Cosep; Provincial Treasurer Mr. Alvim M. Batol, CPA; Provincial Budget Officer Ms. Luz Perpetua P. Fontanilla, CPA; and other DBP officers.

The parties signed three (3) sets of contracts earlier: the Omnibus Term Loan Agreement, the Assignment of Deposit with Hold-Out Agreement, and the Deed of Irrevocable Undertaking.