July 18, 2024

The Development Bank of the Philippines has released more than P753 million in loans under a specialized loan financing program to help transport corporations and cooperatives acquire modern and environment-friendly jeepney units, a top official said.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said 53 transport cooperatives have availed of the support under the Bank’s Program Assistance to Support Alternative Driving Approaches initiative, which was conceived in 2017 to support the National Government’s Public Utility Vehicle Modernization Program (PUVMP).

DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development. 

As of 2019, DBP’s loan portfolio stood at P413.9 billion with about 3.6 percent, or P14.89B, accounting for the transportation sector. – Press release