PUERTO PRINCESA CITY, Palawan  — Palawan's plans for infrastructure and disaster resilience have received a major boost with the approval of its ₱2 billion loan by the Development Bank of the Philippines.

The financial boost, channeled through the DBP's ASENSO for LGUs Financing Program, positions the province at the forefront of regional development in the Mimaropa region.

DBP President and CEO Michael de Jesus, in a statement released on Friday, highlighted the dual focus of this initiative: upgrading Palawan's road network and enhancing its disaster risk reduction capabilities.

A large portion of the loan, approximately ₱1.4 billion, is earmarked for converting nearly 76 kilometers of gravel roads into two-lane concrete thoroughfares.

The upgrade is not just an infrastructural enhancement; it's a vital step in connecting local farmers and fishermen to markets more efficiently, fostering economic growth, and facilitating smoother movement of goods and people across the province.

De Jesus expressed optimism about this partnership, viewing it as a stepping stone towards more extensive collaborations, not only with the Palawan government but across the Mimaropa region, under the regional development plan spanning 2023 to 2028.

“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 the initiative includes a commitment to climate change adaptation. DBP will fund several projects aimed at constructing and rehabilitating flood control systems, particularly in areas most vulnerable to the impacts of climate change in the northern and southern parts of Palawan.

The loan is a part of the broader DBP ASENSO Program, which, as of November 2023, has approved loans totaling ₱104.41 billion for 372 local government unit borrowers, with ₱29.41 billion already released.

He said the investment by DBP, the country's eighth-largest bank, underlines its dedication to four key sectors: infrastructure and logistics; micro, small, and medium enterprises; the environment; and social services and community development.

“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 regional development plan 2023 to 2028,” de Jesus said.

He emphasized that Palawan, as an archipelagic province and a vital contributor to the Mimaropa economy, is poised to greatly benefit from this substantial infusion of funds and expertise.

The province, comprising 23 municipalities, an independent city, and 467 barangays, has a population of over a million people.