The Development Bank of the Philippines has approved P8.5 billion in funding support for the rehabilitation efforts of both public and private institutions adversely affected by the current health crisis, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said for the first six months of the year the bank has extended financing support to 90 firms under its Rehabilitation Support Program on Severe Events (Response) and its sub-program DBP Recovery to accelerate Micro, Small and Medium Enterprises Recovery.
The DBP Response also provides rehabilitation financing support to DBP and non-DBP borrowers stricken by calamities and/or force majeure events including typhoons, floods, drought, pest and disease infestations, earthquakes, peace and order problems, and other similar events resulting in significant socio-economic damages.
Herbosa said under the DBP Response, 30 borrowers have been granted new loans totaling almost P4.8B with the majority located in Luzon and engaged in the accommodation and food service industries, wholesale and retail trade, public administration and defense, manufacturing, financial and insurance activities, and other service activities.
He said the program caters to private institutions including enterprises, corporations, cooperatives, associations, schools, hospitals, and financial institutions as well as local government units and government corporations such as water districts, state universities and colleges.
The DBP Response-MSME Recovery sub-program offers low interest and flexible terms to registered medium enterprises, including start-ups and cooperatives engaged in agri-fishery and non-essential businesses. It also covers wholesale lending to rural banks, thrift banks, microfinance-oriented banks, and non-bank financial institutions including cooperatives and microfinance institutions, for relending to MSME borrowers.
He said under the DBP Response-MSME Recovery, 60 borrowers have availed of funding assistance amounting to P3.7B, with 24 projects located in Mindanao, 21 in the Visayas, and 15 in Luzon that included firms engaged in wholesale and retail trade, financial and insurance activities, agriculture, forestry and fishing, and accommodation and food service industries. – Press release
April 24, 2024
