ILOILO CITY, March 30 (PIA) -- State-owned Development Bank of the Philippines (DBP) is prepared to provide financing to businesses and local government units (LGUs) which may be affected by the quarantine imposed by the national government to stem the spread of the corona virus disease in the country, a top official said.
In a press release, DBP President and Chief Executive Officer Emmanuel G. Herbosa said the Bank's Rehabilitation Support Program on Severe Events (DBP RESPONSE) could extend financing support for rehabilitation efforts of both public and private institutions, which would be adversely affected by calamities, such as the latest Corona Virus Disease 2019 (COVID-19) health threat.
"DBP is ready to provide funding assistance to businesses and LGUs as they gradually recover from the ill-effects of the COVID-19 threat," Herbosa said.
President Duterte recently issued Proclamation No. 929, placing the entire country under a State of Calamity in the wake of the rising number of COVID-19 cases in the Philippines. As of March 26, there have been 707 cases reported across the archipelago.
DBP is the eighth 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, social services and community development, and the environment.
Herbosa said under DBP RESPONSE, private institutions including enterprises, corporations, cooperatives, associations, schools, hospitals and financial institutions are eligible borrowers of the program.
He said LGUs, government corporations such as water districts, as well as state universities and colleges are likewise eligible to avail of the program.
"The program provides a longer repayment period of up to 15 years inclusive of a three-year grace period and concessional rates to help borrowers recover from the effects of any calamity," Herbosa said.
Prospective borrowers should propose an eligible project that has developmental impact to the affected communities that they serve, he said.
Interested applicants may coordinate with any DBP Lending Center near their area to get further details on the mechanics of the loan program, or access the DBP website at www.dbp.ph. (DBP/PIA6)