State-owned Development Bank of the Philippines (DBP) was recognized by an international body of development financing institutions for its pioneering financing facility that focuses on the development and growth of the renewable energy sector.
DBP president and chief executive Michael de Jesus said the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) conferred DBP the award of merit for the bank’s Solar Merchant Power Plant (SMPP) financing program, which supports utility-scale solar power developers and bolster overall investment in renewable energy projects.
“DBP is thrilled to receive this latest recognition from the ADFIAP as it validates our untiring efforts to support the vision of President Ferdinand Marcos Jr. for cheap and reliable energy through the promotion and utilization of renewable energy sources,” de Jesus said.
DBP, the 10th largest bank in the country in terms of assets, provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small, and medium enterprises; environment; social services and community development.
The ADFIAP serves as the focal point of all development banks and other financial institutions in the Asia-Pacific region with a membership of 90 institutions in 40 countries. Its annual ADFIAP Awards recognizes member-institutions that have demonstrated outstanding commitment to sustainable development practices and initiatives.
De Jesus said the SMPP financing program provides funding for solar power developers intending to sell electricity through the Wholesale Electricity Spot Market for eligible projects such as construction and expansion of infrastructure facilities and acquisition of machinery and equipment.
He said the DBP expects the program to contribute meaningfully towards the attainment of the national government’s goal of generating 15,304 megawatts of power from renewable energy sources by 2030 under the flagship National Renewable Energy Program.
“This latest acknowledgment from ADFIAP further motivates the men and women of DBP to continue working together in financing projects that help harness the country’s natural energy resources,” de Jesus said.
