ULAANBAATAR, Mongolia - State-owned Development Bank of the Philippines (DBP) was presented with the Most Outstanding Development Project Award in the Infrastructure Development category of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Awards held here recently.

The bank was cited for its Connecting Rural Urban Intermodal Systems Efficiency (CRUISE) program which supports investments that improve the country’s primary transport infrastructure and logistics facilities to provide affordable, reliable and safe mass transport systems; supports the efficient movement of basic commodities; brings down the costs of goods and services; and introduces sustainable storage, handling and distribution technologies. The CRUISE program is in support of government initiatives for the creation of an integrated and multimodal national transport and logistics system as embodied in the Philippine Development Plan 2011-2016.

Other financial institutions that won awards in various categories were Home Development Mutual Fund, Land Bank of the Philippines, Industrial Development Bank of India, Small Industries Development Bank of India, Perbadanan Nasional Berhad or PNS Malaysia, DFCC Bank of Sri Lanka, TEKUN Nasional of Malaysia, Johor Corporation, and Development Bank of Japan.

Founded in 1976, ADFIAP is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to advance sustainable development through its members. Its membership of 131 financial institutions in 45 countries is comprised mainly of development banks, export-import banks, guarantee firms, micro finance institutions, and international financing institutions such as the Asian Development Bank, KfW of Germany, and Japan Bank for International Cooperation. ADFIAP is an NGO in consultative status with the United Nations’ Economic and Social Council. Its permanent Secretariat is based in Makati City, Metro Manila.