The Development Bank of the Philippines (DBP) approved on Wednesday a P21.87-million fund for its Green Financing Program (GFP) to strengthen efforts to protect the environment and promote “green” growth.
At the 2nd Philippine Environmental Summit, DBP First Vice President Paul Lazaro said the government-run lender would continue implementing environmental considerations in its operations, services and decisions.
GFP was designed to assist public and private sectors in adopting environment-friendly processes and technologies, and incorporating climate change adaptation and mitigation and disaster risk- reduction measures, by offering financial and technical assistance.
Projects eligible under the program are those on climate-change adaptation and mitigation and disaster-risk reduction; air and water pollution prevention and control; resource conservation, resource efficiency and cleaner production; solid waste management; healthcare/hazardous waste management; and other environmental projects and initiatives.
DBP has funded the establishment of Boracay island’s sewerage system and mini-hydropower and solar power plants, and provided assistance to the Vehicle Modernization Program, among other projects.
It will continue to encourage other institutions to pursue environmental protection and pollution prevention through its lending and technical assistance programs.