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MANILA - Development Bank of the Philippines on Monday said it has earmarked more than half of an P18.9 billion fund for "green" projects.
In a statement, DBP said it has approved P10.9 billion worth of environment-friendly projects under its Green Financing Program.
“We have initially allocated P18.9-billion for the program which is designed primarily to further assist industries and local government units in the integration of environmentally-friendly processes and technologies such as cleaner production, water conservation, proper waste management, energy efficiency, air quality improvement, pollution prevention and control, among others,” the lender said.
“It specifically aims to reduce the environmental footprint from industrial operations and LGU projects, enable industries to achieve production efficiency and become globally competitive in the fast-growing green markets, and help the private and public sectors comply with environmental laws and regulations,” the bank said.
Eligible for financing are pollution and waste management projects, green building construction and property management including hotels, resorts, and restaurants, green transport, and other environment-friendly initiatives like energy efficient lighting, urban greening, rehabilitation of water bodies and endangered ecosystems, and eco-tourism projects.
Of the P10.9 billion worth of projects in the pipeline, most are for the acquisition of e-vehicles in the National Capital Region, Cavite, Ilocos Norte, Nueva Vizcaya, and Guimaras.
Other projects include construction of bio-ethanol distillery, power and wastewater treatment plants, a green charcoal plant, a ferro-nickel smelting plant, and a sanitary landfill.
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