The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) has awarded a Certificate of Merit to state-run Development Bank of the Philippines (DBP) in recognition of its support to an integrated resource recovery management project that offers an eco-friendly solution to municipal solid waste management.
DBP president and chief executive officer Cecilia C. Borromeo received the recognition during the 2017 ADFIAP Development Awards and Annual Meeting held recently in Macao, China.
The DBP-assisted FDR Integrated Resource Recovery Management, Inc. (FDR-IRRMI) offers an integrated, zero-waste and no landfill approach for the management of municipal solid waste (MSW). Its Integrated Resource Recovery Facility located in Naga City, Cebu accepts up to 300 tons per day (tpd) of mixed waste, processes 150 tpd of compost and produces 60 tpd of refuse derived fuel (RDF). It has now handled more than 180,000 tons of MSW in seven years.
The project first received DBP loan support in 2011 to partially finance the expansion of its Materials Recovery Facility (MRF), which then had a capacity of 20 tpd. In September 2015, FDR-IRRMI received another DBP loan for the installation of a biogas plant with electricity generation, which was completed in December 2016.
The bank was also presented a Plaque of Recognition for being a founding charter member of the ADFIAP.
On the same occasion, Borromeo also shared her insights on how development financing institutions like DBP help their respective governments in achieving the Sustainable Development Goals (SDGs). The SDGs are a set of goals to end poverty, protect the planet, and ensure prosperity for all as part of a new sustainable development agenda. Each goal has specific targets to be achieved over the next 15 years.
Borromeo said that in support of the Philippine government’s efforts to achieve the SDGs, DBP shall continue to amplify its activities that will immediately and directly lead to results, but with a better appreciation and appropriate recognition of the country’s distinct and current needs. “Given the convergence of national and global goals in the SDGs, it can be said that these are the very same objectives that we in DBP and other development financing institutions are all aiming to help achieve. The over-arching DBP program development model is anchored on going beyond financial returns as we evaluate initiatives based on their impact to economic, social and environmental objectives set by the Duterte administration, which parallels the SDGs. We make sure our intervention as a bank serves our constituency well, whether on the savings/fund sourcing side or the credit generating end.”
She added that overall, DBP has financed 1,926 projects that are aligned with the SDGs from 2010 to 2016.