DBP Chairman Dante O. Tiñga and DBP President and CEO Michael O. de Jesus, alongside key officials, participate in the momentous loan agreement signing with INVESTCO BHPI, Inc. Accompanied by DBP Senior Vice President Daniel Gonzales, Directors Emmeline C. David, Wilma T. Eisma, Philip G. Lo, and INVESTCO BHPI, Inc.’s Vice-President and Treasurer Kenneth Sytin, President and CEO Rommel Sytin, the event witnesses the collaboration’s significance. The backdrop features the collective presence of officers and staff from both DBP and INVESTCO BHPI, Inc., marking a crucial stride in advancing their shared initiatives.
The pulse of sustainable progress quickens in Mindanao as the Development Bank of the Philippines (DBP) greenlights a hefty P1.4-billion financial infusion to INVESTCO BHPI Inc., a renewable energy (RE) enterprise. This substantial loan aims to power the realization of an 8.4-megawatt hydroelectric power plant nestled along the vibrant currents of Maladugao River in Bukidnon.
In a statement resonating hope and promise, Michael O. de Jesus, the President and CEO of DBP, expressed on Friday, Nov. 24, that the imminent rise of the hydroelectric facility “holds auspicious prospects for the denizens of Bukidnon.” He hailed this initiative as a “commendable pursuit” aligned with the government’s grand vision of fostering an “energy-abundant Philippines.”
With an anticipated debut slated for 2025, the RE venture at Maladugao River emerges as a beacon of sustainable energy on the horizon, as per DBP projections.
De Jesus articulated that the allocated P1.4 billion stands as a pivotal cornerstone for the Bukidnon RE plant, envisaging its pivotal role in “propelling novel and eco-friendly energy reservoirs” across Mindanao.
Venturing into the government bank’s Financing Utilities for Sustainable Energy Development (FUSED) Program, INVESTCO BHPI secured the much-needed financial backing. This strategic program takes aim at amplifying electrical accessibility within rural landscapes.
Steered into existence back in 2013, INVESTCO BHPI stands tall as a corporate entity dedicated to the orchestration of RE projects spanning development, operational prowess, and comprehensive management.
“We are privileged to be integral to this commendable initiative,” affirmed de Jesus.
Under the FUSED program’s aegis, DBP has ratified a cumulative sum of P81.5 billion in loans extended to 95 beneficiaries. Notably, as of the year’s third quarter, a substantial portion—P57.2 billion—has been dispersed to fuel these sustainable endeavors.
Foreseeing the dynamic impact of progress, de Jesus outlined that the Maladugao River hydroelectric power plant, contracted by the First Bukidnon Electric Cooperative, shall herald an initial yield of 5.5MW catering to the southern expanse of Bukidnon, encompassing Valencia City.
He underlined the RE initiative’s pivotal role in “mitigating the imminent energy shortfall anticipated in the province by 2028,” drawing from insights gleaned from the Department of Energy.
“More significantly, this initiative is poised to invigorate local industries and incubate a thriving ecosystem of small businesses, fostering heightened economic prospects for the citizens of Bukidnon,” supplemented de Jesus.
DBP, entrenched as the nation’s 9th largest bank in asset valuation, assumes a pivotal role as a government-driven financial powerhouse, especially bolstering critical economic domains like infrastructure, logistics, micro, small, and medium enterprises, as well as social services, environmental initiatives, and community development.
The bank’s financial chronicles for the initial half of 2023 flaunt a commendable uptick, reporting profits soaring to P4.42 billion—an impressive 60 percent surge compared to the corresponding period in the preceding year, marked at P2.76 billion.
With eyes set on a grander horizon, DBP sets its sights on a full-year net income target of P5.2 billion, juxtaposed against the 2022 figure of P5.6 billion—an emblematic testament to its enduring commitment to fostering sustainable progress across the archipelago.