Monday, November 18, 2024

Tag: Development Bank of the Philippines

DBP lends P1.4-B for 8.4MW Mindanao hydropower plant

Posted on by cmn

CAGAYAN DE ORO CITY (Nov. 26, 2023/PIA) — State-owned Development Bank of the Philippines (DBP) has extended a P1.4 billion loan to a top renewable energy firm as partial funding to construct an 8.4-megawatt hydroelectric power plant in Bukidnon in line with the national government’s efforts to expand new and sustainable energy sources, a top official said

DBP President and Chief Executive Officer Michael O. de Jesus said the bank approved the loan to INVESTCO BHPI, Inc. under its Financing Utilities for Sustainable Energy Development (FUSED) Program, which seeks to help increase access to electricity services, particularly in the countryside.

“We are honored to be a part of this worthy endeavor. The construction of the 8.4MW Maladugao River hydroelectric power plant bodes well for the people of Bukidnon and is a tangible manifestation of President Ferdinand R. Marcos, Jr.’s vision of an energy-sufficient Philippines,” de Jesus said.

DBP is the ninth 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; the environment; and social services and community development.

INVESTCO BHPI, Inc. is a stock corporation established in 2013 mainly involved in developing, operating, and managing renewable energy with its proposed 8.4MW Maladugao River hydroelectric power plant expected to be on stream by 2025.

De Jesus said that under the FUSED program, DBP has approved a total of P81.5 billion in loans to 95 borrowers, while total loan releases have reached P57.2 billion as of the end of September this year.

He said the First Bukidnon Electric Cooperative contracted the 8.4MW Maladugao River hydroelectric power plant to supply an initial 5.5MW of electricity to southern Bukidnon, including Valencia City. This move aims to mitigate the impact of a looming energy shortage in the province by 2028 based on data from the Department of Energy.

“More importantly, this project is seen to stimulate the growth of local industries and small businesses, fostering increased economic opportunities for the people of Bukidnon,” de Jesus said. (DBP/PIA-10)

Agri NorMin set to distribute over 3K cash cards to rice farmers

Posted on by cmn

CAGAYAN DE ORO CITY – The Department of Agriculture – Regional Field Office 10 (DA-RFO 10) through its Regional Executive Director Carlene C. Collado will distribute another 3,115 Farmers’ Interventions Monitoring Cards (FIMCs) to eligible rice farmers in Misamis Oriental, Bukidnon, Camiguin, Lanao del Norte, and Misamis Occidental this month

William B. Parantar, Northern Mindanao area manager of the Universal Storefront Services, Corp. (USSC), turned over the FIMCs to DA-RFO 10 Regional Technical Director for Operations, Carlota S. Madriaga and Regional Technical Director for Research and Regulations, Cora A. Dumayaca, Monday, August 14, at the DA Compound in Cagayan de Oro City.

All NorMin rice farmers entitled to the Rice Farmers’ Financial Assistance (RFFA) as provided under the Rice Tariffication Law (RTL), shall be given the FIMC as their identification and cash card for the electronic rollout of the RFFA.

Pursuant to the RTL, qualified rice farmers shall receive a Php5k cash subsidy annually until the year 2024.

In partnership with the Development Bank of the Philippines (DBP) and USSC, DA-RFO 10 has distributed a total of 31,583 FIMCs in the region to date.

DA-RFO 10 Regional Agricultural Engineering Division chief, Engr. Deliza T. Camaro, Administrative and Finance Division chief, Patrick Ian F. Pedarse and Rice Program focal person, Chona H. Nacalaban were also in attendance during the turnover of the FIMCs. (DA RDO-10)