State-owned Development Bank of the Philippines (DBP) was recognized by an international association of development banks and financial institutions for its efforts to promote energy efficiency in the country, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said that the Bank’s Energy Efficiency Savings Financing Program (E2SAVE) was awarded a Plaque of Merit under the Environmental Development category of the annual Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Development Awards held in Pasay City.
“We are truly grateful and honored to be a recipient of this citation for our development efforts under the DBP E2SAVE program,” Herbosa said. “This recognition from the ADFIAP is an attestation of the Bank’s continuing efforts for the unimpeded delivery of financial services to further drive economic growth.”
DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.
The DBP E2SAVE Program is designed to help public and private institutions improve their productivity by harnessing available new technologies in the market for their energy efficiency and renewable energy (for own use) projects. It also allows loan repayment based on electricity savings to make investment affordable to end-users.
The ADFIAP Development Awards is an annual program that honors member institutions that have undertaken or assisted projects that created a development impact in categories such as environment, small and medium enterprises, infrastructure, technology, trade, local economy, corporate governance, and corporate social responsibility.
Herbosa said that the DBP E2SAVE program empowers its development partners to actively contribute to the region-wide effort of bolstering local capacity for climate change adaptation and mitigation.
As of September 2022, DBP has approved 10 accounts under the E2SAVE program with a total loan amount of P947-million.
“As a longstanding partner of the ADFIAP in its mission for sustainable development, DBP will continue to develop relevant and responsive programs that will positively impact the lives of our fellow Filipinos, especially those who are most in need of development financing interventions,” Herbosa said.