DBP bankrolls Puerto Princesa water project
The project is designed to contribute to the provision of safe, reliable and affordable water supply and help achieve inclusive growth in the city
Daily TribuneThe project is designed to contribute to the provision of safe, reliable and affordable water supply and help achieve inclusive growth in the city
DBP president and CEO Michael O. de Jesus (second from left) during the loan agreement signing with the Puerto Princesa City Water District, along with DBP senior vice president Daniel Gonzales, PPCWD chairman Atty. Peter Winston Gonzales and PPCWD general manager Walter Laurel.(PHOTOGRAPH COURTESY OF DBP)
State-owned Development Bank of the Philippines has granted a P375-million loan to the Puerto Princesa City Water District to support initiatives aimed at upgrading the delivery of water services and addressing the needs of the rapidly growing population of the city, a top official said.
DBP president and chief executive officer Michael O. de Jesus said the loan was extended under the Bank's Water for Every Resident program, which is part of intensified efforts to improve local infrastructure and community facilities especially for fledging 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," he said.
DBP is the ninth 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.
PPCWD is a Category A water district established in 1976 that caters to 53,000 active customers. It currently serves 50 out of the 66 barangays in Puerto Princesa City, which has a total population of 307,000 as of latest government data.
De Jesus said DBP would be supporting PPCWD in the construction of a 3,000-cubic meter reservoir and an ultraviolet disinfection system that would expand availability to clean water of the city's residents.
He said the loan to PPCWD would also partly finance the installation of a transmission line that will serve strategic barangays in anticipation of increased economic activity in view of the improvement in critical utilities and essential 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."
