The Mindanao Development Authority (MinDA) has signed an agreement with the Development Bank of the Philippines (DBP) that designated the bank as MinDA’s financial advisor and partner as it pushes for the eventual realization of key projects.
With the signing of MOU on Friday at the MinDA office, the bank will assist the agency in “reviewing its proposals and plans particularly in relation to commerciality and bankability of projects, and in developing a high-level strategy towards the structuring of identified projects primarily through private sector involvement”.
“We all know that Mindanao Development Authority is planning and embarking soon on a lot of development projects in Mindanao and DBP is offering its financial service to help MinDA evaluate projects that will further develop the island of Mindanao,” said Cecilia Borromeo, DBP president and chief executive officer.
DPB is also looking at funding projects in infrastructure, power generation, water, social services, environmental projects and micro, small, and medium enterprises (MSMEs).
“This is what we are planning with the partnership; we want to take all these concepts and programs to actually benefit the ordinary people in Mindanao,” Maria Lourdes Arcenas, DBP member of the board of directors.
Assistant Secretary Romeo Montenegro, deputy executive director of MinDA, said they are looking at also tapping DBP to fund infrastructure projects that are not funded through official development assistance or the national budget.
“Also we will look at agriculture projects in specific identified areas particularly (projects in) agro processing,” Montenegro said.