DAVAO CITY (PIA) - - President Ferdinand Marcos, Jr. graced and witnessed on Saturday, July 1, the ceremonial signing of the $1,710.78 million-worth of loan agreement between the Government of the Philippines and the Asian Development Bank (ADB) for the implementation of the Davao Public Transport Modernization Project (DPTMP).

Department of Finance Secretary Benjamin E. Diokno has represented the country, while ADB Country Director Pavit Ramachandran represented ADB in the loan agreement signing held at the Acacia Hotel, Davao City.

include social development interventions such as financial and non-financial assistance for those who will be displaced.

“It will also ensure that the families affected by the construction are properly compensated or if need be relocated,” he said.

The President gave a marching order to the Department of Transportation to “try to accomplish the project within the set timeline, and ensure that it affects the least number of people and activities as possible.”

There will be five depots, such as Buhangin Depot, Sasa Depot, Sto. Nino Depot, Calinan Depot and Toril Depot.

“I give you my commitment that this administration will not fall short in delivering services that you all deserve. As I offer you this affirmation, I also ask for your support in ensuring that once this project is completed, we will abide by the laws and take care of the buses and other forms of transportation,” Pres. Marcos has assured the Davaoenos.

The DPTMP has three main components, namely Public Transport Modernization, Institutional Capacity Strengthening, and a Social Development Program.

The $1,710.78 million-loan agreement has the following breakdown: $1,014.69 million for the ADB Ordinary Capital resources; $50 million for the Green Climate Fund under the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility Green Recovery Program; and $10 million for the ACGF Regular under the ASEAN Infrastructure Fund.

Under the loan agreement, the ADB and co-financiers will finance expenditures in relation to civil works, bus fleets, intelligent transport systems, automated fare collection systems, and consulting services for construction supervision and capacity development.

The national government will provide counterpart funds for Social Development Program, land acquisition and resettlement, taxes and duties, consulting services, and interest during construction and commitment charges.

The Davao City government will provide counterpart funds for the SDP, and tax and duties related to their financing activities.

Meanwhile, the other officials who also graced the loan agreement signing included Vice President Sara Z. Duterte, Senator Imee Marcos, Department of Transportation Secretary Jaime J. Bautista, Budget Secretary Amenah Pangandaman, Special Assistant to the President Secretary Antonio Lagdameo, Jr., Davao City Mayor Sebastian Duterte, and ADB President Masatsugu Asakawa. (JBG/CLC/PIA-XI)