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 networkand to beef up its disaster risk reduction initiatives, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the loan assistance was granted through the Bank’s Assistance for Economic and Social Development (ASENSO) for LGUs Financing Program,a flagship lending facility that assists local government units inthe implementation of projects geared at 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.
DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy — infrastructure and logistics; micro, small, and medium enterprises; the environment; and social services and community development.
