State-owned Development Bank of the Philippines (DBP) signed a loan agreement with the Municipality of Labo for the construction of Camarines Norte’s first sanitary landfill facility (SLF), a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said that the bank’s P100-million term loan support covers the acquisition of a 10-hectare project site, SLF construction, and acquisition of various equipment needed for the maintenance of the facility.
“With this development partnership, we will be able to implement projects that are geared towards environmental protection and sustainable development,” Herbosa said. “This is in line with our mandate to integrate environmental considerations in every aspect of our operations and services.”
DBP is the eighth largest bank in the country with assets totaling P700.9-billion as of end September 2019. It provides loans to critical sectors of the economy such as infrastructure and logistics, small and medium enterprises, social services and community development, and the environment.
Herbosa said DBP’s loan assistance would allow the municipality to fully comply with RA 9003 – Ecological Solid Waste Management Act of 2000 and would supplement the municipality’s “No Plastic Policy” and the operation of the town’s Material Recovery Facility – a specialized plant that receives, separates and prepares recyclable materials for marketing to end-user manufacturers.
A first-class municipality, Labo is home to more than 100,000 residents. The town serves as an agricultural center and is being developed as a secondary industrial growth center, being abundant with natural resources such as gold, nickel, iron, magnetite sand, copper, lead and manganese.