The Department of Finance (DOF) and the Asian Development Bank (ADB) signed a loan agreement for the Davao Public Transport Modernization Project (DPTMP) on Saturday, July 1.
The loan agreement was formally signed by DOF Secretary Benjamin Diokno and ADB President Masatsugu Asakawa.
The ceremonial loan signing was witnessed by President Ferdinand ‘Bongbong’ Marcos Jr., Vice President Sara Duterte, and Department of Transportation (DOTr) Secretary Jaime Bautista.
Also present at the event were Senator Imee Marcos, Budget and Management Secretary Amenah Pangandaman, and Davao City Mayor Sebastian Duterte.
The DPTMP’s total cost is ₱73.4 billion — ₱52 billion were loan from ADB, ₱1.5 billion from Davao City government, and remaining will be shouldered by DOTr.
Under the project, there will be 1,105 modern buses plying 29 routes covering 672 kilometers of key areas within Davao City up to Panabo City in Davao del Norte.
Of the 1,105 modern buses, 400 are electric articulated buses and the rest complying with Euro V standards for diesel-powered buses.
In his speech, Marcos expressed his optimism that more projects under his administration will come.
“I am optimistic that we will come up and forge even more projects in the years ahead, especially those that aim to improve the lives and lessen the burden to the Filipino public,” he said.
“As long as we are guided by the core of the whole-of-nation and even the whole-of-society approach, I am confident that our vision of a seamless, efficient, accessible, and highly connection transportation system will be well within our reach,” Marcos added.
More than 800,000 passengers are expected to cater by the DPTMP daily once it becomes operational by 2024.
