DBP loan open to rebuilding Marawi City, CEO says

DBP loan open to rebuilding Marawi City, CEO says
By Rhaydz B. Barcia

LEGAZPI CITY(Philippines News Agency) — To help push the country’s development, the state-owned Development Bank of the Philippines can help rebuild Marawi City through a loan, DBP chief executive officer Cecilia Borromeo said on Monday.

She said that if the local government unit opts to borrow, DBP is willing and ready to provide money through a loan scheme to rebuild Marawi City.

“We’re open to help rebuild Marawi if the Marawi City local government unit opt to borrow to rebuild the city,” she said.

While the national government is in the forefront of rebuilding Marawi, Borromeo said DBP is willing to help the city devastated by the month-long urban hostility to bring back its glory.

“We are prepared to lend Marawi City but the national government is at the forefront of rebuilding Marawi probably it will be given for free. We are willing to help them (Marawi City) if the LGU would like to borrow money,” she said in an interview here during the DBP’s Business Road show event held at Oriental Hotel here.

Meanwhile, on the government’s program to lessen carbon footprint, the agency allocated Php37.44 billion in loans as of March 2017 under its green financing program which was established in 2011 and enhanced in 2014.

The approved loans according to her are for a variety of environmental projects including air and water pollution prevention and control; sanitation; solid and hazardous waste management; resource conservation; resource efficiency; cleaner production, renewable energy; water supply; occupational health and safety; climate change adaptation and mitigation and disaster risk reduction.

“DBP provides financing as well as technical assistance to projects that are ecologically-sound. We try to play an active role in encouraging our clients and other partners to always include green considerations in their businesses and thrusts,” she said.

Borromeo said DBP continues to grow the financial muscle it needs to achieve its development mandate.

“Our purpose and mission remain focused on our development mandate of improving the lives and well being of our countrymen and ensuring that development is broad-based, inclusive and sustainable,” she said.

Following the climate change adaptation program of the government, Borromeo said the agency is helping to make the community resilient as numerous local government units across the country borrowed money to construct evacuation shelters that can withstand very strong winds.

“For the last 70 years experience we know which better. We’re seen LGUs with remarkable projects on climate adaptation from Regions 1 to 13 even at ARMM. We have the capability to help the LGUs. Albay province is one of the best model local government units in the country (LGU) for climate change mitigation and adaptation,” she said. (PNA)

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