DBP eyes more projects in Mindanao

MANILA, Philippines — The Development Bank of the Philippines (DBP) is eyeing to finance more projects in Mindanao to help the region achieve inclusive economic development, especially in areas previously torn by conflict, a top official said yesterday.

In a statement, DBP president and chief executive officer Emmanuel Herbosa said the bank wants to capitalize on the improved peace and order situation in Mindanao to infuse more funding support to the region, particularly in infrastructure, social services, food security and industry development.

 “We want to assist in food security projects and improve the level of social services and infrastructure to help Mindanao achieve its full potential,” Herbosa said.

Last week, Herbosa, along with a team led by Presidential Peace adviser Carlito Galvez Jr., went on a two-day visit to a Camp Bilal, a former Moro Islamic Liberation Front (MILF) stronghold to explore possible business opportunities in the area.

It is one of six camps identified to be transformed into productive agricultural areas under the Comprehensive Agreement on the Bangsamoro, which was signed by the national government and MILF on March 27, 2014.

“Now is the time for Mindanao to move forward and grow as a region, thus helping to attain lasting peace in the region through inclusive economic development,” Herbosa said.

According to Herbosa, the DBP had an outstanding loan portfolio of P49.76 billion for Mindanao development projects in 2018.

This was used to fund various projects, including a banana plantation, bulk water systems, hydropower and solar projects, hospitals, solid waste projects, and other initiatives.

He said the bank had also entered into a partnership with the Mindanao Development Authority (MinDA) to expedite the implementation of flagship projects and programs for Mindanao under the 2017 to 2022 Philippine Development Plan.

Under the agreement, DBP will serve as the financial advisor of MinDA for major infrastructure and other projects, as well as a possible loan provider for proposed ventures in the region aimed to generate employment, particularly in the Bangsamoro areas.

DBP is the eighth largest bank in the country, with total assets amounting to P669.75 billion as of end- 2018.

It has been designated as the infrastructure bank of the national government, providing financing support to infrastructure and logistics projects.

Aside from this, the bank also provides loans to other strategic sectors, such as small and medium enterprises, social services and community development, and environment.