(File photo) 

QUEZON CITY, (PIA) -- The City Government of Taguig and the Landbank of the Philippines (LandBank) signed a credit agreement worth P1.4 billion to finance the city's infrastructure projects that will respond to the residents' educational, medical and recreational needs. 

Taguig City Mayor Lani Cayetano and LandBank President and CEO Cecilia C. Borromeo led the signing on 6 September 2022 at the Mayor’s Office in Taguig City along with some personnel of each party. 

Based on the agreement, LandBank will fund the construction of the new Taguig City Hall and it's general hospital, to accomodate the basic needs of city residents. 

Accordingly, the state-run bank will also finance the construction of the city's university complex buildings, and proposed community and recreational centers, including a theater. 

In her speech, Mayor Lani Cayetano hopes for a prosperous success between the partnership of the city and LandBank. 

“Hopefully, this partnership will prosper through LANDBANK’s kind assistance and support. We recognize LANDBANK as one of our closest partners in development and we appreciate your assistance in pushing the City of Taguig to be even more successful than it is today,” she said. 

The 1.4 billion fund is part of the P7.7 billion Omnibus Term Loan Facility (OTLF), under the Restoration and Invigoration Package for a Self-sufficient Economy towards Upgrowth for LGUs (RISE-UP LGUs) Lending Program of the bank. 

RISE-UP LGUs is a program that aims to help city LGUs in its social and economic recovery from the effects of the COVID-19 pandemic. (PIA-NCR)