State-run Development Bank of the Philippines (DBP) is prepared to provide the necessary financing to all players in the energy industry in support of the National Government’s efforts to accelerate initiatives to meet the country’s rising demand for power fueled by a rapidly-expanding economy, a top official said.
DBP president and chief executive officer Michael O. de Jesus said the bank’s loan programs for the energy sector would be beneficial to firms seeking to expand capacity or venture into power generation projects especially in underserved areas of the country.
“DBP is ready to provide the necessary financial and technical assistance to all firms that are seeking new opportunities to meet the expanding energy requirements, especially in areas of the country where there is a resurgence of economic activity,” de Jesus said.
DBP is the eighth largest bank in the country in terms of assets and remains a relevant and reliable partner of the national government in serving the financing needs of strategic and critical economic sectors, particularly infrastructure and logistics, micro, small and medium enterprises, social services, and the environment.
Under the Philippine Energy Plan 2020-2040 of the Department of Energy, the Philippines peak power demand would grow four-fold at an annual increment of 6.6 percent to reach 54,655 megawatts (MW) in 2040 from 15,282 MW recorded in 2020.
De Jesus said at present, DBP’s loan programs for the energy sector are lumped under its Financing Utilities for Sustainable Energy Development (FUSED), which has already contributed more than P78.489 billion in investment in the energy sector.
He expects that by 2030, DBP would have provided P58 billion in funding for additional investments in power generation and distribution including exploration and development of indigenous energy sources, construction of additional power plants and transmission network and establishment of energy facilities to ensure steady and reliable power supply.
“We are one with President Marcos in his objective of increasing access to affordable, reliable, modern and sustainable electricity services which are crucial in our unrelenting drive for economic growth, de Jesus said.
Image credits: Mbdz_DBP via Wikimedia Commons CC BY-SA 4.0