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DBP agrees to back transportation sector

State-run Development Bank of the Philippines said Friday it is working with the Department of Transportation and the Land Transportation Franchising and Regulatory Board to come up with financial interventions to help the transportation sector get back on track after reeling from the ill-effects of the pandemic.

DBP president and chief executive Emmanuel Herbosa said the assistance includes government subsidies to public utility vehicle operators to cover revenue gaps during the period when a temporary ban on PUVs were imposed as part of community lockdowns.

“DBP is one with the DOTr and LTFRB in finding suitable and sustainable solutions to assist the transport sector as it steadily begins to recover from the devastating losses spawned by this pandemic,” Herbosa said.

DBP is the seventh 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. 

Topics: Development Bank of the Philippines , Department of Transportation , Land Transportation Franchising and Regulatory Board
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