DBP offers credit assistance for projects on affordable water supply
DBP President and Chief Executive Officer Michael O. de Jesus said DBP funding assistance would be channeled under its pioneering Water for Every Resident (WATER) program, which was designed specifically to support projects that would provide affordable water supply at the community level.
“DBP’s broad experience in bankrolling water supply projects would be a boon to our collective efforts to find suitable and sustainable solutions to address the rising demand for an important natural resource such as water,” de Jesus said.
DBP is the eighth largest bank in the country
in terms of assets and provides credit support to four strategic sectors of the
economy namely, infrastructure and logistics; micro, small and medium
enterprises; the environment; and social services and community development.
The Philippine Atmospheric, Geophysical and Astronomical Services
Administration (PAGASA) has previously raised the El NiΓ±o Alert, which it
expects to emerge by June and may persist until the first quarter of next year.
The weather phenomena may cause below-normal rainfall condition and may
entail dry spells and droughts in some of areas of the country.
De Jesus said DBP WATER has already contributed P20.3 billion to the
required investment of the water supply subsector, which is estimated at P511
billion in a span of 10 years.
He said the Bank would continue to support the targets and objectives of
the Philippine Water Supply and Sanitation Master Plan amidst the challenges of
urbanization, rapid population increase and dwindling fresh water
sources.
“DBP is one with President Marcos’ call for unified action while
ensuring a protocol-based and science-driven approach to address the possible
impact of the El NiΓ±o phenomena at the short-term and the demand for reliable
and potable water supply in the long-term,” de Jesus said. (DBP/PIA
Caraga)
