ISTANBUL, Turkey – The Development Bank of the Philippines (DBP) was recognized for its efforts in promoting water sustainability in Boracay by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) during the annual ADFIAP awards program held here recently.
DBP president and chief executive officer Francisco F. Del Rosario Jr. received the award for environmental development citing its partnership with Boracay Island Water Co. Inc. (BIWC) and Security Bank Corp. for the company’s environmental projects in Boracay.
The partnership initiative targets to serve the current 4,727 service connections, meet the increasing water demand and hasten the improvement of sanitation and sewerage conditions in the popular tourist destination.
“We particularly pride ourselves on this project as it is an example of an environmental endeavor using the Public-Private Partnership (PPP) framework. DBP and private sector institutions came together to help address water supply and sanitation issues in one of our country’s most popular tourist destinations that is Boracay Island,” Del Rosario said.
“Mobilizing available credit and equity funds from the private sector and our ODA-funded Philippine Water Revolving Fund, we succeeded in putting together a project that offers a solution to Boracay’s pressing environmental problems, while helping meet the increasing water demand in the island,” he added.
ADFIAP is an organization of development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region.