State-owned Development Bank of the Philippines (DBP) bagged two awards for its financing initiatives on renewable energy and public transport system modernization during the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Development Awards 2019 in the Sultanate of Oman last month.
DBP’s venture with Enfinity Philippines Renewable Resources, Inc. (EPPRI) for a solar power plant project in Clark Freeport Zone was adjudged the most outstanding project for environmental development while the DBP Program Assistance to Support Alternative Driving Approaches (DBP PASADA) Financing Program garnered a merit award in the financial inclusion category.
The ADFIAP Development Awards is an annual awards ceremony that honors member institutions that have undertaken or assisted projects that have created a development impact in their respective countries. It was instituted in 1997 when the Philippines hosted a summit on development finance.
The project with EPRI involves the development of the 22.326 MWP solar power plant which started commercial operations on March 2016. The facility is part of the development of the Clark Green City (CGC) under the National Government’s “Build Build Build” infrastructure program.
The power plant currently provides an alternative power supply to the growing energy requirements of around 40,000 to 100,000 households and establishments within the area, producing 19.8 MW of solar power, which constitutes 10% of the area’s energy needs.
Since 2017, the facility has reduced around 13,248 tons of CO2 emission and has generated savings of 53,706.16 barrels of fuel oil, translating to foreign exchange savings of US$2,779,830.84.
On the other hand, the DBP PASADA is a P1.5-billion financing facility established in 2017 to boost implementation of the government’s Public Utility Vehicle Modernization Program (PUVMP). It offers reasonable financing for transport corporations and cooperatives for the acquisition of new, environment-friendly, and passenger-safe PUVs.
As of end-February this year, DBP has approved a total amount loan of P155-million for five transport operators, to finance the acquisition of 93 jeepney units. These projects are expected to generate 1,712 new jobs for the transportation sector.
The ADFIAP is the association of all development banks and financial institutions across the Asia-Pacific region. It was founded in 1976 and currently has 131 member-institutions in 45 countries.