The Development Bank of the Philippines and AlloyMTD Philippines Inc. signed Tuesday a P9.5-billion loan agreement for the development of the National Government Administrative Center at the New Clark City in the municipalities of Capas and Bamban in Tarlac province.
DBP chairman Alberto Romulo, DBP president and chief executive Cecilia Borromeo, AlloyMTD chairman Isaac David and AlloyMTD president Patrick Nicholas David led the signing ceremonies at the DBP head office in Makati City.
MTD Philippines president Nicholas David said the P9.5-billion loan accounted for 75 percent of the P13-billion project cost to build the first phase of the center. The company will finance the balance of the project cost through equity. The project is a joint venture between Bases Conversion and Development Authority and Alloy MTD.
“With this loan agreement, a world-class facility will soon rise at New Clark City. The modern metropolis will be the next growth driver in Luzon and serve as a premiere center of economic growth, true to BCDA’s mandate,” said BCDA president and CEO Vivencio Dizon.