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DBP offers assistance to businesses, LGUs amid quarantine

The Manila Times logo The Manila Times 3/27/2020 Mayvelin U. Caraballo, TMT
a close up of a busy city street © Provided by The Manila Times

Businesses and local government units (LGUs) affected by the enhanced community quarantine can tap the Development Bank of the Philippines (DBP) for their financing needs.

In a statement on Friday, DBP President and Chief Executive Officer Emmanuel Herbosa said the state-owned bank’s Rehabilitation Support Program on Severe Events (DBP Response) could extend financing support for the rehabilitation efforts of public and private institutions adversely affected by calamities, such as the coronavirus disease 2019 (Covid 19) pandemic.

The “DBP is ready to provide funding assistance to businesses and LGUs as they gradually recover from the ill effects of the Covid-19 threat,” he added.

Under DBP Response, private institutions, including corporations, cooperatives, associations, schools, hospitals and financial institutions, are eligible borrowers.

LGUs and government corporations, such as water districts, as well as state universities and colleges, can also avail themselves of the program, Herbosa said.

“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,” he added.

Prospective borrowers should propose an eligible project that has developmental impact on the affected communities that they serve, the DBP chief said.

Interested applicants may coordinate with any DBP lending center near their area to know more about the program’s mechanics or access the bank’s website.

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