CEBU CITY, Philippines — State-owned Development Bank of the Philippines (DBP) has approved P8.5-billion in funding support for the rehabilitation efforts of both public and private institutions adversely affected by the current public 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
RESPONSE to accelerate Micro-Small and Medium Enterprises (MSME) Recovery.
“The DBP RESPONSE will continue to be the bank’s centerpiece program to
encourage private businesses and public institutions to rebuild, rehabilitate, recover, and to
resume operations, thereby boosting the government’s national recovery program,” Herbosa
said.
DBP is the fifth-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.
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 to significant socio-economic damages.
Herbosa said under the DBP RESPONSE, 30 borrowers have been granted new loans totaling almost P4.8-billion with the majority located in Luzon and engaged in the
accommodation and foodservice 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 (LGUs) and government corporations such as water districts, state
universities and colleges.
“DBP RESPONSE offers a longer repayment period of up to 15 years, inclusive of a three-year grace period, for public borrowers and up to 10 years with a three-year grace period for private institutions,” Herbosa said. /rcg