THE Development Bank of the Philippines (DBP) has granted a P700-million loan to the local government of Naga City in the province of Camarines Sur to fast-track its various public infrastructure and social development projects in the area, a top official said.

DBP President and Chief Executive Officer Emmanuel Herbosa said the amount will be utilized for the construction of the three-storey Level 1 New Naga City Hospital as well as for the acquisition of lots for the city's socialized housing projects, road concreting and other urban redevelopment projects.