STATE-OWNED Development Bank of the Philippines (DBP) strengthened its position as it launches new financing program for contractors.
Since the Philippines is entering the so-called “golden age of infrastructure,” DBP chairman Alberto Romulo said the bank is committed to play a major role for the Duterte administration’s “Build, build, build” program.
DBP president Cecilia Borromeo during a business road show on Friday, July 7, at the Marco Polo Hotel Davao said that the program dubbed as Infrastructure Contractors Support Program will address funding gaps in infrastructure development in the country and help contractors expand their capability.
She said that the program will capacitate contractors to complete their contracts and finance their own investments including the acquisition of heavy equipment for use in construction projects.
DBP vice president for Mindanao Ana Marie Veloso presented that infrastructure contracts that can be financed under the program include social infrastructure for both residential and non-residential buildings; transport infrastructure covering roads and bridge, water supply, wastewater, sanitation, and other utility infrastructure; and projects involving waste, power and energy infrastructure.
She added that only those who are duly-licensed by the Philippine Contractors Accreditation Board are eligible to borrow under the Icons program.
Furthermore, the program also features a simplified credit investigation process to facilitate faster loan approvals.
The DBP celebrates this year, 70 years of public service. The bank continues to grow its financial muscle to achieve its developmental mandate.
By the end of June, the bank posted an impressive net income of more than P2 billion.