DEVELOPMENT Bank of the Philippines (DBP) has approved an P80-million loan to fund two energy substations in Camarines Sur.
The two 20-megavolt ampere substations of the Camarines Sur II Electric Cooperative (CASURECO II) will be put up in Naga City, Camarines Sur, DBP said in a statement on Friday.
The project will allow CASURECO II to accommodate the energy requirements of the proposed industrial park in the area and improve its capacity.
CASURECO is the biggest electric cooperative in the province. It expects to generate 10,000 new connections in the next five years.
“Implementation of these projects will improve the electric cooperative’s operational efficiency, reliability and safety,” DBP said.
The DBP also recently approved a P98.3-million loan for the initial funding for infrastructure projects in the Canaman municipality of Camarines Sur.
The loan will support housing development, a public market, an intermodal terminal, multi-purpose buildings, and a municipal memorial park and public cemetery.
DBP is the country’s designated infrastructure bank. It was the sixth-largest lender in terms of assets with P1.102 trillion as of March, based on central bank data. It also provides credit to small businesses, social services and community development. — Jenina P. Ibanez