The Development Bank of the Philippines (DBP) has approved P39.5-billion worth of loans under its flagship credit program to fund gaps in the country’s infrastructure development, DBP President and Chief Executive Officer Emmanuel G. Herbosa announced, Thursday, Oct. 7, 2021.
From January to June this year, 440 borrowers have already availed of loans under the bank’s Infrastructure Contractors Support (ICONS) program.
“DBP has sharpened its focus on the infrastructure build-up program of the National Government to provide impetus to the country’s economic rebound,” according to Herbosa.
DBP’s ICONS program extends direct financing to construction contractors, funding various types of infrastructure activities in transport, water supply, wastewater and sanitation, communications as well as social, power and energy.
As of the first half of 2021, the ICONS program funded 151 borrowers located in Luzon, 134 in the Visayas, and 145 in Mindanao, including 10 firms with multiple project sites.
DBP would continue to support the Build Build Build program, which has a total allocation of P1.18 trillion for public works and transport programs under the 2022 National Expenditure Program, Herbosa pledged.
“Infrastructure development is indispensable for economic growth and enhancing quality of life,” he added.
Thus, “DBP will remain at the forefront of providing the needed assistance to boost economic recovery, sustain gains, and ramp-up growth.”
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.
Source: Manila Bulletin (https://mb.com.ph/2021/10/07/dbp-approves-p40-b-infra-loans/?utm_source=rss&utm_medium=rss&utm_campaign=dbp-approves-p40-b-infra-loans)
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