THE state-owned Development Bank of the Philippines (DBP) has extended a P2-billion loan to the Provincial Government of Palawan to support vital public infrastructure projects, including the upgrade of the province’s road network and the enhancement of its disaster risk reduction initiatives, a top official said.
DBP president and chief executive officer Michael de Jesus said the loan assistance was granted through the Bank’s Assistance for Economic and Social Development (ASENSO) for LGUs (Local Government Unit) Financing Program, a flagship lending facility that assists local government units in the implementation of projects geared towards promoting infrastructure and socio-economic development.
“This latest initiative with the Provincial Government of Palawan is a clear manifestation of DBP’s steadfast commitment to support local government units in their pursuit of sustainable socio-economic growth through infrastructure development and climate change adaptation,” de Jesus said.
De Jesus said that out of the total loan amount, P1.4 billion will be allotted for the upgrading of nearly 76 kilometers of gravel roads into two-lane concrete roads to better connect farmers and fishermen to the markets and speed up the transport of goods and people across the province.
He said DBP will also be funding the construction and rehabilitation of various flood control projects in the province to mitigate the adverse impact of climate change on communities, especially those located in the northern and southern portions of the province.
“DBP is hopeful that this partnership will pave the way for more meaningful engagements not just with the Palawan provincial government but also for the rest of MIMAROPA under the auspices of the regional development plan 2023 to 2028,” de Jesus said.
As of the end of November 2023, total loan approvals under the DBP ASENSO Program have reached P104.41 billion for 372 LGU-borrowers, with total loan releases of P29.41 billion.
