State-owned Development Bank of the Philippines (DBP) has extended a P2-billion loan to the Provincial Government of Palawan to support vital public infrastructure projects in the area including the upgrade of the province’s road network and to beef up its disaster risk reduction initiatives, a top official of the bank said.

Shown during the loan agreement signing between DBP and the Provincial Government of Palawan are (from left): DBP Puerto Princesa Lending Center Acting Head Sara Jane Nacion-De Leon, DBP Senior Vice President Daniel Gonzales, Palawan Governor Dennis Socrates, Palawan Vice Governor Leoncio Ola, and Palawan Provincial Treasurer Elino Mondragon.

In a press statement, DBP President and Chief Executive Officer Michael O. de Jesus stated that the loan assistance was granted through the Bank’s Assistance for Economic and Social Development (ASENSO) for LGUs Financing Program, a flagship lending facility that assists local government units in the implementation of projects geared at promoting infrastructure and socio-economic development.

“This latest initiative with the Provincial Government of Palawan is a clear manifestation of DBP’s steadfast commitment to supporting local government units in their pursuit of sustainable socio-economic growth through infrastructure development and climate change adaptation,” de Jesus said.

DBP is currently the eighth 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.

Palawan is mainly an archipelagic province and the second largest contributor to the economy of Region 4-B or MIMAROPA. It has 23 municipalities, an independent city, and 467 barangays with an aggregate population of 939,594 as of the latest government data.

De Jesus said that out of the total loan amount, P1.4-billion will be allotted for the upgrading of nearly 76 kilometers of gravel roads into two-lane concrete roads to better connect farmers and fishermen to the markets and speed up the transport of goods and people across the province.

He said DBP will also be funding the construction and rehabilitation of various flood control projects in the province to mitigate the adverse impact of climate change on communities, especially those located in the northern and southern portions of the province.

“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. 

As of the end of November 2023, total loan approvals under the DBP ASENSO Program have reached P104.41 billion for 372 LGU borrowers with total loan releases of P29.41 billion. 

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