State-owned Development Bank of the Philippines (DBP) garnered three awards at a regional awards program held last month in Singapore for its contributions to the growth of the infrastructure sector in the country, a top official said.
DBP president and chief executive officer Emmanuel G. Herbosa said DBP won under the country deal awards category of The Triple A Asia Infrastructure Awards 2019 presented by Hong Kong-based financial publication The Asset.
“We are honored to receive these recognitions which validate our valuable contributions to infrastructure development in the country,” Herbosa said. ““We shall continue to support the National Government in its pursuit of rebuilding the country’s infrastructure which is vital in promoting country-wide growth.”
The Atlantic Gulf and Pacific Company of Manila (AG&P) P6-billion term loan facility, in which DBP acted as joint lead arranger and lender, was adjudged Oil and Gas Deal of the Year. The facility enabled AG&P to efficiently refinance multiple loans and substantially simplify its financing relationship while also creating a facility to fund its rapid expansion into liquefied natural gas (LNG) infrastructure and services
The Transport Deal of the Year went to the Cebu Cordova Link Expressway Corporation P19-billion financing, in which DBP was one of the arrangers. The project aims to ease traffic congestion between the rapidly developing areas of Cebu and adjacent Mactan island
The bank also bagged the Utility Project of the Year award for the Apo Agua Infrastructura P9-billion financing, in which it was a lender. This is the first large scale bulk water supply project in Mindanao designed to replace the diminishing water supply mainly sourced from deep wells.
DBP has been designated as the country’s infrastructure bank by the National Government. Aside from the nfrastructure and logistics sector, it supports other sectors vital to economic growth– small and medium enterprises (SMEs), social services and community development, and theenvironment
The Triple A Asia Infrastructure Awards 2019 are decided by The Asset’s Board of Editors and the Asset Benchmark Research team who collectively have several decades’ worth of experience evaluating awards in Asia.