- January 11, 2019
- Posted by: Marvin Garcia
The Development Bank of the Philippines’ (DBP) commitment to environmental protection and sustainable development is being reflected in its numerous environmental initiatives that include the provision of finance as well as technical assistance to projects that are ecologically-sound.
One such project that the DBP has financed is the “Tacloban City Energy Efficient Street Lighting Project” which involves the installation of 3,603 light emitting diode (LED) street lighting system covering 115.84 kilometers of major, secondary, minor, and residential roads. The project was implemented through a partnership between the local government unit (LGU) of Tacloban City and Luminance Inc, an integrated energy and lighting solutions company.
DBP has granted the project a loan, under JICA Environmental Development Project Credit Facility, amounting to Php 55.152 million to partially finance the maintenance and upgrading of street lighting infrastructure of Tacloban City in Eastern Visayas, Philippines.
The project is a pioneering project among LGUs in the Philippines which raises awareness on the benefits of using energy-efficient lighting system, such as huge savings in electricity due to lower energy consumption, reduced maintenance cost, and longer life span. It is also a profitable business model via a public-private partnership (PPP) in implementing highly-developmental project.
DBP’s “Tacloban City Energy Efficient Street Lighting Project” won 2018 the ADFIAP’s Outstanding Development Project Award in the environmental development category.