State-run Development Bank of the Philippines, the 10th largest lender in terms of assets, will expand its assistance to the government’s big-ticket infrastructure projects through its Infrastructure Contractors Support program.
DBP president and chief executive Emmanuel Herbosa said in a statement Friday the bank aimed to broaden its financing support to high-impact public infrastructure projects such as tollways, bridges, railways and other mass transport systems that would enhance the country’s competitiveness and address problems caused by rapid urbanization.
“DBP is prepared to expand its support to the government’s priority infrastructure projects dealing with transport and mobility to improve the country’s competitiveness standing,” Herbosa said.
“We want to further build on the success of our ICONS program,” he said.
DBP has been designated as the infrastructure bank by the national government. As of end-2019, DBP’s total loan portfolio stood at P413.9 billion, up 25.9 percent from the P328.62 billion recorded in 2018.