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.
Emmanuel Herbosa, DBP President and CEO, 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 food service industries, wholesale and retail trade, public administration and defense, manufacturing, financial and insurance activities, and other service activities.
