Thursday, July 13, 2017

DBP promotes infra projects in Albay

LEGAZPI CITY, July 3 --- The Development Bank of the Philippines (DBP) is committed to support President Rodrigo Duterte’s “Build, Build, Build” program aimed to build trillions of pesos worth of public infrastructure projects across the country, a DBP top official said over the weekend.

Cecilia Borromeo, DBP President and Chief Executive, quoting a financial report, said under the “Build, Build, Build” infrastructure program, the government intends to boost public spending of about PHP8 to PHP9 trillion to finance various infra project in the country from 2017 to 2022.

She said, “this is the goal of the government, we therefore fully support the administration’s Build program.”

Borromeo said the DBP, being one of the country's premier development financial institution, continues to pursue its mission, to raise the level of competitiveness of the Philippine economy for sustainable growth, to support infrastructure development, efficient social services and protection of the environment, promotes and maintain the highest standards of service and corporate governance among its customer constituencies.

The bank executive led national and local leaders and financial stakeholder in observing DBP’s 70th anniversary by holding a business roadshow on Friday at the Oriental Hotel here.

“For seven decades now, DBP was instrumental in helping the government pursue its infrastructure projects, ” she claimed.

From the ravages of war until today, DBP became a relentless partner of the public and private sectors towards socio-economic change as well as in the Bicol region, she said.

The roadshow also highlighted the government's Infrastructure Contractors Support (ICONS) program of the Department of Finance and is among the top priorities of President Duterte's administration.

Under the Duterte’s Build Program, the infra platform would serve as the country's catalyst for progress, connecting the island, boosting commerce, making industries and uplifting the lives of Filipinos.

Borromeo in her speech said, "Here in the Bicol region, DBP has been working tirelessly with many among you, our development partners, to help build on the gains already being enjoyed by many. We have partnered with various municipalities such as Bulusan, Casiguran and Mercedes, to build farm to market roads, public markets, municipal or barangay buildings and even an evacuation center. “

She said among the local government units the DBP has partnered include, among others, the Provincial Government of Camarines Sur, in developing tourism facilities; and, the electric cooperatives in Camarines Norte and Cam Sur towards improved and more efficient distribution of electricity and lower power rates.

The bank has also provided financial support to the Legazpi City and Casiguran Water Districts, in expanding water service coverage and improve health and sanitation.

Schools provided with financing were the Naga College Foundation, the Oas Community College in Albay and the North Hills College of Asia in Daet.

While for health services, the provincial hospital in CamSur and the Catanduanes Doctors Hospital were assisted by the DBP in providing financing to give more affordable health facilities and services to the public.

Borromeo also said their willingness to rebuild Marawi City, a war-torn city in Mindanao, where billions of public and private infrastructure were destroyed due to the crisis.

"We are prepared to build Marawi City. I think the national government is also at the forefront of rebuilding Marawi. Probably, it will be given for free by the national government to Marawi. If they said they would like to borrow, then, it would be given to them.

"As the country's infrastructure bank expands its branch networks in different parts of the Philippines, DBP will continue to be a major financier of the local government units (provinces, cities and municipalities) who are able to invest in long-gestating and critical development projects through soft loans, build gains to do more for the Bicol region, as well as for economic growth,“ Borromeo added.(Jessaveth B. Barcia/PNA)