The Development Bank of the Philippines (DBP) is increasing its support for government initiatives in waste management and ecozone greening with a loan facility worth P66.7 million.
Pacific Mactan Renewable Environmental Systems Inc. (PMRESI) has been granted funding to construct a fully integrated waste treatment and disposal facility in the Mactan Economic Zone I (MEZ) in Cebu.
The loan will be used to partially finance the construction of a 2,000-square meter hazardous waste treatment facility and the acquisition of waste water treatment equipment.
Under the Sustainable Waste Management for Enhanced Environmental Protection Financing (Sweep) Program, DBP President and CEO Michael de Jesus stated that the bank’s support to PMRESI was established.
PMRESI, the local subsidiary of Canada-based EnEco WTE Pacific Inc., is responsible for introducing the Thermal Oxidation Process System (Tops), a waste gasifier technology, in the Philippines.
As of April 2023, DBP has approved a total loan amount of P435.6 million under the Sweep program.
The Sweep program aims to establish a smart waste management and energy recovery system for over 200 firms within the MEZ area.
According to De Jesus, the waste treatment facility in MEZ will benefit more than 200 firms operating in the ecozone.
The facility is the first to utilize Tops gasifier technology, which employs a thermal gasification/oxidation process to break down carbon-based waste components and reduce volume by 97 percent. INQ
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
