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Manila Bulletin devider Business devider DBP bankrolls Puerto Princesa water project

DBP bankrolls Puerto Princesa water project

Published Oct 13, 2023 09:34 am

At A Glance

  • State-run Development Bank of the Philippines (DBP) has granted a P375-million loan to the Puerto Princesa City Water District (PPCWD).<br>The loan aims to improve water services and address the needs of the growing population in Puerto Princesa City.<br>DBP's loan is part of its WATER program, which focuses on enhancing local infrastructure and community facilities.<br>The loan will support the construction of a 3,000-cubic meter reservoir and an ultraviolet disinfection system to expand access to clean water.<br>It will also finance the installation of a transmission line to serve strategic barangays and prepare for increased economic activity.<br>DBP is the ninth largest bank in the country and provides credit support to various sectors, including infrastructure, micro, small, and medium enterprises, the environment, and social services.

State-owned Development Bank of the Philippines (DBP) has granted a P375-million loan to the Puerto Princesa City Water District (PPCWD) to improve its services and address the needs of the city's growing population.

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DBP President and CEO Michael O. de Jesus (second from left) is shown during the loan agreement signing with the Puerto Princesa City Water District. (PPCWD) Also in photo are (from left): DBP Senior Vice President Daniel Gonzales, PPCWD Chairman Atty. Peter Winston Gonzales, and PPCWD General Manager Walter Laurel.

In a statement, Michael O. de Jesus, DBP president and chief executive officer said the loan is part of the lender’s WATER program, which focuses on enhancing infrastructure in emerging cities and municipalities.

"DBP is proud to be partnering with the PPCWD in another initiative designed to contribute to the provision of safe, reliable, and affordable water supply and help achieve inclusive growth, particularly in Puerto Princesa City," de Jesus said on Friday, Oct. 13.

DBP, the ninth largest bank in the country by assets, provides credit support to key sectors of the economy, including infrastructure, micro, small, and medium enterprises, the environment, and social services.

PPCWD, established in 1976, is a Category A water district serving 53,000 customers. Currently, it covers 50 out of 66 barangays in Puerto Princesa City, with a population of 307,000.

DBP will assist PPCWD in constructing a 3,000-cubic meter reservoir and an ultraviolet disinfection system to expand access to clean water for city residents.

The loan will also fund the installation of a transmission line to serve strategic barangays, preparing for increased economic activity and improved public services.

"This worthy undertaking with PPCWD is an integral component of the WATER Program which has already provided a total of P25.5-billion for 94 borrowers as of end-August this year," de Jesus said.

"By 2030, we anticipate that this program has financed P30-billion of investments in water supply projects,” he added.

Related Tags

development bank of the Philippines water supply Puerto Princesa City
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