DBP Eyes Rehabilitation Financing For Economic Recovery

State-owned bank Development Bank of the Philippines (DBP) sees the vital role of rehabilitation financing as a significant help to the economy as the country is now slowly getting back on its feet after the vast impact of the coronavirus disease 2019 (COVID-19) pandemic.

“We have already approved new loans amounting to P3.15-billion, including companies in the manufacturing and construction industry, as they implement their crisis response and recovery plans,” said Emmanuel Herbosa, President and Chief Executive Officer of DBP.

He pointed out that the DBP Rehabilitation Support Program on Severe Events (RESPONSE) are currently extending financing support to various institutions both in the public and private sectors. For private sector this includes schools, cooperatives, corporations and more. For the public sector, this includes Local Government Units (LGUs), water districts, state owned establishments and more.

In DBP RESPONSE, an institution may be granted of up to 15 years of repayment period, this also includes a 3-year grace period.

“As of August 5, 2020, DBP has assisted 675 accounts that have requested for payment moratorium, with a total deferred amount of P20.37-billion,” Herbosa said. “The majority of these accounts are in the construction industry; wholesale and retail trade; transportation and storage; agriculture, forestry, and fishing; and the health sector. We are also assisting enterprises involved in the manufacturing, education, water supply, waste management, real estate, and accommodation and food services industries,” Said Herbosa.

DBP and non-DBP borrowers can also be provided with DBP RESPONSE especially in times of calamities like floods, drought, typhoons and other similar events resulting into further socio-economic damage. (MLC)