State-owned Development Bank of the Philippines ramped up support for the government’s energy programs, focusing on projects that promote affordable, reliable and sustainable solutions to address the country’s energy requirements, a top executive said.
DBP president and chief executive Michael de Jesus said the bank approved nearly P77-billion in loans under its Financing Utilities for Sustainable Energy Development Program, the flagship credit program that seeks to increase access to electricity services in the countryside.
“As of December 2022, DBP has approved 92 accounts under the FUSED Program, 27 of which are renewable energy projects,” de Jesus said.
“We also expect that by 2030, we have funded P58-billion of the estimated investment requirements for power generation and distribution indicated in the Philippine Energy Plan 2012-2030,” he 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 – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.