MANILA, Philippines - Four major institutions have launched a green financing program to promote industrial productivity and green growth by protecting the environment.
The program was formalized through a joint agreement among the Development Bank of the Philippines (DBP), the European Chamber of Commerce of the Philippines (ECCP), the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP), the Asia Society for Social Improvement and Sustainable Transformation (ASSIST), and the Environment Management Bureau of the Department of Environment and Natural Resources (EMB-DENR).
The green financing program promotes investments for environmentally-friendly processes and systems such as cleaner production, waste minimization, resource conservation, energy efficiency, pollution prevention and control, among others, with the end in view of reducing environmental footprints from local government unit (LGU) projects and industrial operations.
DBP president and chief executive officer Francisco F. del Rosario Jr. said the government financial institution will make available P20.6 billion for lending for environment projects.
DBP is partnering with the ECCP in its program of greening industries such as the SMEs for environmental Accountability, Responsibility and Transparency (SMART) Cebu project aimed at increasing the competitiveness of small and medium enterprises by promoting cleaner production, the development of eco-friendly products and entering the green markets in Europe and Asia, and the Green Philippines Islands of Sustainability that promotes sustainable production for industries within Metro Manila and Calabarzon.
Del Rosario also said ADFIAP’s adherence to the principle of a safe and clean environment as an integral part of sound business practice inspires DBP to help its clients to operate in a more environmentally-sound system.
“The expertise and collaboration initiatives of ADFIAP in organizing training programs on development banking, risk management, access to finance, corporate and environmental governance and its worldwide network of experts are resources that are open to all,” he added.
DBP is likewise collaborating with ASSIST, an international capability building organization that has implemented various developmental projects in Southeast Asia, South Asia, China and some parts of Africa.
The bank will partner with ASSIST in organizing joint promotional activities and identifying potential projects for funding under the Green Financing program.
Del Rosario said the agreement between DBP and EMB re-affirms the mutual commitment of both agencies to help industries and other regulated establishments comply with environmental regulations, particularly in matters pertaining to environmental permits and compliance with conditionalities.
DBP with its environmental and other credit facilities will continue to reach out to industries, local government units and other establishments.
“In particular, we fund investments in cleaner production, pollution abatement facilities, sanitation infrastructure, energy efficient transport and facilities, and renewable energy projects. We also fund other ventures for wealth creation and job generation while reducing carbon footprints from their operations.”