MANILA, Philippines —State-run Development Bank of the Philippines (DBP) has made available a P2-billion loan to the provincial government of Palawan, intended to fund infrastructure projects meant to improve the province’s road network and defenses against the impact of climate change.
In a statement on Friday, DBP president and CEO Michael de Jesus said the loan was granted through the bank’s lending facility dubbed “Bank’s Assistance for Economic and Social Development (Asenso).”
Through the program, DBP helps local government units (LGUs) in the implementation of projects that would promote infrastructure and socio-economic development.
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As of November 2023, total loan approvals under the Asenso program was pegged at P104.41 billion. The amount benefits 372 LGU-borrowers, with total loan releases reaching P29.41 billion.
Palawan is mainly an archipelagic province and the second-largest contributor to the economy of Region 4-B or Mimaropa.
Flood control
The province has 23 towns, an independent city, and 467 barangays with an aggregate population of 939,594 based on the latest government data.
De Jesus said that out of the total loan amount, P1.4-billion will be allotted to the upgrading of nearly 76 kilometers of gravel roads into two-lane concrete roads to connect farmers and fishermen to the markets and speed up the transport of goods and people across the province.
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He said DBP will also be funding the construction and rehabilitation of various flood control projects.
“This latest initiative with the provincial government of Palawan is a clear manifestation of DBP’s steadfast commitment to support local government units,” De Jesus said.
DBP is the eighth largest bank in the country in terms of assets. INQ