State-owned Development Bank of the Philippines (DBP) won three awards from an association of investment houses for its active participation on critical projects on infrastructure, renewable energy and the latest issuance of retail treasury bonds of the National Government, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the Investment House Association of the Philippines (IHAP) cited the P19-billion Cebu City-Cordova toll bridge project as Best Deal of the Year while the 21st RTB issuance and the acquisition of a solar portfolio by Citicore Power Incorporated (CPI) were adjudged as Best Fixed Income and Best Advisory (Small – Mid Cap) Deals of 2019.
“We are extremely honored by these awards bestowed by IHAP,” Herbosa said. “DBP is driven to support noteworthy investment transactions for projects that have distinct developmental impacts.”
DBP is the eighth largest bank in the country in terms of assets and provides financing to strategic sectors such as infrastructure and logistics, micro, small and medium enterprises, social services and community development and the environment.
The transaction with the Cebu Cordova Link Expressway Corporation involving the construction of a toll bridge, viaduct and causeway is projected to serve at least 40,000 vehicles daily and ease congestion between the two islands.
Herbosa said once completed the 8.5-kilometer toll bridge would provide additional access to the Mactan Cebu International Airport and boost trade and commerce in the bustling province.
He said the 21st tranche of the RTBs, where DBP acted as joint issue manager, raised more than P121-billion for the National Government. DBP was among the top three selling agents for the RTBs with P11.9 billion in sales, which represent 10% of the total issue size.
“We are honored to be again recognized for our role in developing the capital markets by providing advisory, issue management and debt syndication services to our valued clients,” Herbosa said.
Herbosa said DBP’s transaction with CPI would allow the company to increase its total renewable energy capacity from its present 163 megawatts (MW) to 1,000 MW and bolster its ability to service contestable customers through its Retail Electricity Supplier License.
“We see the transaction as a big boost to government’s efforts to increase to 50% the contribution of renewables of the country’s total electricity generating capacity,” he said.
The IHAP Awards is aimed at recognizing outstanding investment banking transactions in the capital markets that exhibited “innovation, excellence in execution and a positive impact to the maker and issuer.”