DBP vows more loans for infra, environmental projects
The Development Bank of the Philippines (DBP) has vowed to allocate more funds for loans to infrastructure and environmental projects to provide more potable water and improve waste management in far-flung areas of the country, its chief said.
The bank is prepared to provide assistance to towns and municipalities that seek to improve long-term water availability and accessibility, and to undertake projects that would reduce air and water pollution, improve solid waste management, and advance climate change adaptation and disaster risk reduction, DBP president and CEO Cecilia Borromeo said in a press statement.
“DBP remains committed to providing ready and accessible financing for local government units for their development projects on water availability as well as solid waste management and sanitation,” she said.
The state-owned financial institution is the eighth-largest bank in the country with more than P600 billion in assets as of end-March 2018.
The bank provides financial support to four major areas namely, infrastructure, small and medium enterprises, social services and environment.
Last year, the bank released P76.23 billion in loans for infrastructure and logistics projects as well as P57.06 billion in funding assistance for environmental projects.
The bank’s water projects are funded under its Water for Every Resident Program, while its support for environment initiatives are carried out through its Green Financing Program.
Borromeo said DBP is also ready to provide financial assistance to local governments to improve their water sanitation and sewerage systems and facilities, especially in known tourist destination areas in the country.
“We are one with government’s efforts to directly address these environmental concerns and preserve the natural ecosystem of these tourist spots,” the DBP chief said.
