State-owned Development Bank of the Philippines (DBP) has granted a P375-million loan to the Puerto Princesa City Water District (PPCWD) 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 (WATER) program, which is part of intensified efforts to improve local infrastructure and community facilities, especially for fledging cities and municipalities.
DBP President and CEO Michael O. de Jesus (second from left) is shown here during the loan agreement signing with the Puerto Princesa City Water District (PPCWD). Also in the photo were (from left): DBP Senior Vice President Daniel Gonzales, PPCWD Chairman Atty. Peter Winston Gonzales, and PPCWD General Manager Walter Laurel.
“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-scale enterprises (MSMEs); 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 according to the 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 the availability of clean water to 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 given the improvement of 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 will have financed P30 billion of investments in water supply projects.”
Continuing efforts to expand development lending activities
In a related development, the DBP has also inaugurated its Puerto Princesa Lending Center as part of efforts to expand its development lending activities, especially in the countryside, and to assist in the national government’s financial inclusion initiatives.
Photo shows DBP President and CEO Michael O. de Jesus (left) during the ribbon-cutting ceremony with Palawan Province Governor Victorino Dennis M. Socrates (right) and guests from client-borrowers.
Located on the third floor of the Puerto Princesa City Water District building along Rizal Avenue in Puerto Princesa City, the DBP Puerto Princesa Lending Center was established to assist prospective and existing borrowers in key industries such as infrastructure, tourism, and agriculture.
It is one of 32 lending centers of the ninth largest bank in the country, which was also granted a branch-lite unit license by the Bangko Sentral ng Pilipinas in 2021.
