State-owned Development Bank of the Philippines (DBP) bagged three awards for its role in promoting infrastructure development in the country during The Asset AAA Asian Infrastructure Awards held in Hong Kong on June 28, 2017.
DBP won the Transport Deal of the Year for the Philippines and Regional Overall for the Light Rail Manila Corporation’s P24-billion project loan facility for the Light Rail Transit 1 (LRT1) PPP tendered by the Department of Transportation where the bank, through its Investment Banking Department, acted as co-financial advisor to the Government.
The LRT1 PPP with a total project cost of P65 billion is the largest awarded PPP project of the Philippine Government to date. The private concessionaire, Light Rail Manila Corporation, took over the operations and maintenance of the LRT1 system on September 12, 2015 and has been instrumental in rehabilitating existing trains, renovating stations, and improving performance for the benefit of the riding public.
Groundbreaking for the 11.7-kilometer extension of the system from Baclaran, Parañaque to Niog, Cavite with eight new stations planned was held on May 4, 2017 with expected completion by end of 2021. Upon completion, the system will be able to service over 700,000 passengers per day and travel time from Cavite to Makati is expected to take only 25 minutes.
The LRT1 PPP and its financing also won in the recent IJGlobal Awards ceremony held in Singapore as the Asia-Pacific Rail Deal of the Year 2016.
DBP also won the Power Deal of the Year – Philippines for GNPower Dinginin Limited Company’s US$670 million and P7.5-billion project financing facilities for its 2x668MW Supercritical Coal-fired Power Plant, in which DBP, through its Capital Markets Department, acted as co-lead arranger and, through the Corporate Banking Group, acted as senior lender.
The supercritical coal-fired power plant of GNPower Dinginin Limited located in Mariveles, Bataan, is anticipated to be commissioned at a time when the market will require new capacity, thus being a key catalyst in addressing Luzon’s expected energy backlog.
As a testament to the transaction’s success, it was also named Best Project Finance Deal of the Year during the Investment House Association of the Philippines Awards 2016.
For over 20 years, The Asset AAA Awards is given to firms and institutions that have shown excellence in their respective fields. It is regarded as one of Asia’s preeminent and prestigious awards in the banking and finance industry.
Tags: DBP, DBP bags 3 awards on infra development, Francis Nicolas Chua, Investment Banking Department, Light Rail Manila Corporation, PPP, Rail Manila Corporation, State-owned Development Bank of the Philippines, The Asset AAA Asian Infrastructure Awards
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