Home Business DBP grants P115-M loan for solar-powered irrigation systems in Lanao del Sur

DBP grants P115-M loan for solar-powered irrigation systems in Lanao del Sur

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THE Development Bank of the Philippines (DBP) has extended a P115-million loan for the installment of solar-powered irrigation systems in Lanao del Sur.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said in a statement on Friday that the project will irrigate 1,200 hectares of agricultural lands in the province.

The system will also give 26 barangays in the fourth-class municipality of Taraka access to potable water.

An automatic solar-powered irrigation system extracts water from deep wells or open sources and uses moisture sensors to regulate its flow to avoid flooding while promoting conservation. The water is delivered to irrigation channels or to a reservoir before being distributed to farms.

“In collaboration with the Mindanao Development Authority, DBP shall continue to play a crucial role in establishing viable irrigation systems to boost agricultural productivity in the area,” Mr. Herbosa said.

“Through this project, we can also bring clean and safe water to barangays within the municipality of Taraka that are not reached by existing water systems,” he added, noting the area has over 27,000 residents.

DBP’s net earnings dropped 62% to P547.83 million in the first quarter from P1.455 billion a year ago due to higher expenses.

It was the country’s sixth largest bank in terms of assets at end-March with P1.102 trillion. — LWTN

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