State-run Development Bank of the Philippines (DBP) said Friday it 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 in the city.
DBP president and chief executive Michael 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.
PPCWD is a Category A water district established in 1976 that caters to 53,000 active customers. It serves 50 of the 66 barangays in Puerto Princesa City, which had a total population of 307,000 as of latest government data.
De Jesus said DBP would support PPCWD in the construction of a 3,000-cubic-meter reservoir and an ultraviolet disinfection system that would expand availability to clean water of the city’s residents.
He said the loan to PPCWD would also partly finance the installation of a transmission line that would serve strategic barangays in anticipation of increased economic activity in view of 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 has financed P30-billion of investments in water supply projects,” 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 enterprises; the environment; and social services and community development.
