State-run Development Bank of the Philippines, one of the largest lenders in terms of assets, said Friday it approved P8.5 billion in funding support for the rehabilitation efforts of both public and private institutions adversely affected by the global health crisis.
DBP president and chief executive Emmanuel Herbosa said in a statement the bank extended financing support to 90 companies in the first six months under its Rehabilitation Support Program on Severe Events or RESPONSE and its sub-program DBP RESPONSE to accelerate recovery of micro, small and medium enterprises.
“The DBP RESPONSE will continue to be the bank’s centerpiece program to encourage private businesses and public institutions to rebuild, rehabilitate, recover and to resume operations, thereby boosting the government’s national recovery program,” Herbosa said.
The DBP RESPONSE also provides rehabilitation financing support to DBP and non-DBP borrowers stricken by calamities and/or force majeure events, including typhoons, floods, drought, pest and disease infestations, earthquakes, peace and order problems and other similar events.