DBP reforestation project in Cagayan bears fruit

Manila, Philippines -  State-owned Development Bank of the Philippines (DBP) received recently the first harvest from its DBP Forest project in Cagayan State University (CSU) during ceremonies held as part of the bank’s celebration of the 114th anniversary of the declaration of Philippine Independence. ?       

DBP president and chief executive officer Francisco F. Del Rosario, Jr. said the DBP Forest project in CSU is the first to turn over its harvest among the bank’s forest-partners since the reforestation program was launched in 2005. ?       

The DBP Forest program is a non-credit partnership initiative where DBP works closely with different communities around the country, identifying sites for reforestation, and areas where trees can be planted to address soil and coastal erosion as well as reduce the effects of carbon emission.  

The program also aims to help improve the socio-economic condition of residents of host communities by providing them with livelihood opportunities. ?

Launched in 2005, the 151-hectare DBP Forest project in CSU has been planted with fruit trees such as rambutan, pomelo and lychee.  

It has also provided livelihood opportunities to 175 farmer-beneficiaries who are assisted by CSU in the planting of intercrops such as corn, vegetables, rice, peanut, banana, and pineapple.  

DBP granted P119.64-million in funding assistance to the project for planting materials and the maintenance and protection of the planted species. ?       

Del Rosario said that the DBP Forest program now covers 6,454 hectares of upland and coastal reforestation sites.  

Of this number, 3,999 hectares have already been planted. Of the 38 DBP Forest project sites, 22 are located in Luzon, with seven in the Visayas and another seven in Mindanao.