State-owned Development Bank of the Philippines (DBP) was cited by the National Electrification Administration (NEA) for its financing program that supports the expansion and continuous development of electric cooperatives in the country, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said NEA conferred the “Golden Dagitab” award to the bank for its Financing Utilities for Sustainable Energy Development (FUSED) program, which has extended needed financial assistance for the rural electrification efforts of the National Government.
“We are honored by this recognition bestowed by NEA,” Herbosa said. “These recognitions inspire us to look beyond our role as a bank and validates that we are on track in fulfilling our mandate of promoting nationwide growth and development.”
DBP is the eighth largest bank in the country with assets totaling P667.91-billion as of end June 2019. It provides loans to strategic sectors such as infrastructure and logistics, small and medium enterprises, social services and community development, and the environment.
Under the FUSED program, DBP provides financing for projects involving power generation, distribution and transmission as well as the purchase of needed equipment and machinery including enhancement of capacity of rural power suppliers.
Herbosa said that by the end of the FUSED program in 2030, DBP would have supported P40-billion (1.43%) out of the P2.8-trillion total estimated investment requirement for power generation and distribution under the Philippine Energy Plan 2012-2030.
“As of June 2019, DBP has already released a total of P43.73-billion under FUSED, 22.58% of which comprised releases to rural electric cooperatives that cater to underserved communities in various parts of the country,” Herbosa said.
NEA’s “Golden Dagitab” awards was organized in celebration of its 50th founding anniversary and aims to recognize various industry partners and stakeholders which have played a key role in strengthening the government’s rural electrification program.