State-owned Development Bank of the Philippines (DBP) has approved PHP39.5 billion in loans under its flagship credit program that aims to address funding gaps in infrastructure development in the country, a top official said.
In a statement Thursday, DBP president and chief executive officer Emmanuel Herbosa said that from January to June this year, a total of 440 borrowers have already availed of funding support under the bank’s Infrastructure Contractors Support (ICONS) program which was first rolled out in 2017.
“DBP has sharpened its focus on the infrastructure build-up program of the national government to provide further impetus to the country’s economic rebound,” he said. “As the country’s premier development financing institution, DBP continues to assist contractors in meeting the growing demand for meaningful public infrastructure projects.”
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.
DBP’s ICONS program extends direct financing to construction contractors to fund various types of infrastructure activities, including those in the transport, water supply and wastewater and sanitation, communications as well as social, power and energy sectors.
As of the first half of the year, Herbosa said the ICONS program has provided funding assistance to 151 borrowers located in Luzon, 134 in the Visayas, and 145 in Mindanao, including 10 firms with multiple project sites.
He said DBP would continue to support the national government’s initiatives this year under the massive “Build, Build, Build” program, which has a total allocation of PHP1.18 trillion for public works and transport programs under the 2022 National Expenditure Program.
“Infrastructure development is indispensable to propel economic growth as well as to enhance the quality of life,” Herbosa added. “DBP will remain at the forefront of providing the needed assistance to boost economic recovery, sustain gains, and ramp-up growth.”
Source: Philippines News Agency
