State-run Development Bank of the Philippines (DBP) led by bankero Emmanuel Herbosa has renewed its agreement with Infrastructure Asia as both agencies map out strategies to implement sustainable solutions aimed at improving the country’s infrastructure landscape and fast-track economic growth and recovery, a top official said.
“DBP and InfraAsia have broadened the scope of its partnership to include the provision of technical assistance in the development, finance and implementation of infrastructure initiatives of the private sector,” the bankero said.
Herbosa said the bank signed a memorandum of understanding (MOU) with InfraAsia to expand the scope of its current collaboration to include key areas of the economy such as renewable energy, transportation, waste management, and water supply and sanitation.
“The identification of emerging infrastructure solutions such as solar energy merchant market and green buildings is also now within the scope of our expanded cooperation with InfraAsia,” Herbosa added.
The government-owned bank could benefit from InfraAsia’s solid relationship with multilateral institutions such as the Asian Development Bank and the World Bank Group as well as the Singapore Business Federation to spur project collaborations.
He said this latest collaboration with InfraAsia is expected to boost both public and private sector spending on infrastructure to further buoy the country’s economic recovery while generating much-needed job opportunities.
“Our partnership with InfraAsia bodes well for DBP moving forward as we continue to support initiatives that seek to address the country’s infrastructure gaps and lay the foundation for a competitive and resilient Philippine economy,” the bankero added.
DBP is the fifth largest bank in the country in terms of assets and has a branch network of 131 branches and 14 branch-lite units.
InfraAsia was set up by Enterprise Singapore and the Monetary Authority of Singapore in 2018 to enable good-fit solutions from companies and institutions in addressable infrastructure sub-segments in Asia, catalysing project development, financing and execution opportunities to meet the region’s growing needs.