DBP OK'd P39.5B worth of infra loans from January to June

State-owned infrastructure lender Development Bank of the Philippines (DBP) said Thursday it has approved P39.5-billion in loans under its flagship credit program aimed at addressing funding gaps in infrastructure development in the country.

The amount was availed by a total of 440 borrowers from January to June this year under the bank’s Infrastructure Contractors Support (ICONS) program, which was first rolled-out in 2017, DBP president and chief executive officer Emmanuel Herbosa said in a statement.

“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,” Herbosa said.

“As the country’s premiere development financing institution, DBP continues to assist contractors in meeting the growing demand for meaningful public infrastructure projects,” he added.

DBP’s ICONS program extends direct financing to construction contractors to fund various types of infrastructure activities such as transportation; water supply, wastewater and sanitation; communications; and social, power, and energy sectors.

Herbosa said that as of the first half of 2021, the DBP’s ICONS program has provided funding assistance to 151 borrowers in Luzon, 134 in the Visayas, and 145 in Mindanao.

He added that the state-owned lender would continue to support the national government’s initiatives this year under the “Build Build Build” program, which has a total allocation of P1.18-trillion for public works and transportation programs under the 2022 National Expenditure Program.

“Infrastructure development is indispensable to propel economic growth as well as to enhance quality of life,” Herbosa said.

“DBP will remain at the forefront of providing the needed assistance to boost economic recovery, sustain gains, and ramp-up growth,” he said.

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. —LBG, GMA News