The Philippine government and the Asian Development Bank (ADB) on Saturday signed a $1-billion loan agreement for the Davao Public Transport Modernization Project (DPTM).
Finance Secretary Benjamin Diokno and ADB Country Director for the Philippines Pavit Ramachandran signed the financing deal at the Acacia Hotel in Agdao, Davao City.In his remarks, Marcos said the project would have an integrated network of 29 routes, would connect major commercial centers in Davao, and would yield various socioeconomic opportunities for Davaoeños.
The project will support the acquisition of some 1,100 modern buses to be operated by the private sector under performance-based contracts. The project would cater to an estimated 800,000 passengers daily through 1,000 bus stops, five bus depots, and three bus terminals under an intelligent transport system that includes bus location and automatic fare collection systems.
“But, I assure everyone that this project will also include social development interventions such as financial and non-financial assistance for those who are displaced,” the President said.
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