State-owned Development Bank of the Philippines (DBP) was recognized for its effort to promote water sustainability in Boracay by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) during its annual awards program held in Istanbul, Turkey, recently.
DBP president and chief executive officer Francisco F. Del Rosario Jr. received the award for environmental development, citing the bank’s partnership with Boracay Island Water Company Inc. (BIWC) and Security Bank Corp. for the company’s environmental projects in Boracay.
The partnership initiative is meant to serve 4,727 current service connections, meet the increasing water demand, and hasten the improvement of sanitation and sewerage conditions in the popular tourist destination.
“We particularly pride ourselves on this project as it is an example of an environmental endeavor using the Public-Private Partnership (PPP) framework. DBP and private sector institutions came together to help address water supply and sanitation issues in one of our country’s most popular tourist destinations,” Del Rosario said.
ADFIAP is an organization of development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region.