DBP offers financing for infra projects

THE Development Bank of the Philippines (DBP), a state-owned infrastructure bank of the country, expressed its support for the 26th CebuCon, a construction show at the SM Seaside Skyhall on June 1 to 4.

With the launching of their Infrastructure Contractors Support (ICONS) Program last year, they will be joining the event for the first time in Cebu.

The Infrastructure Contractors Support (ICONS) Program of the DBP supports the infrastructure thrust of the national government that is line with the Duterte administration’s Build, Build, Build program. The financing facility aims to aid local contractors and address the funding gaps in infrastructure development of the country.

Since it was launched in June 2017 until March of this year, the response of the project “enormous.” The bank has released a P13 billion that was distributed to 133 Philippine Contractors Accreditation Board (PCAB) accredited contractors.

With these numbers, 41 percent of it was allotted to the provincial lending centers. To date, there are 10 existing contractors in Cebu. However, due to the devastating effect of super typhoon Yolanda in November 2013, more projects were focused in Eastern Visayas.

The ICONS rogram not only supports government projects, it also extends its assistance to private construction of infrastructure-related projects of PCAB-accredited contractors, said Jane K. Gocuan, senior vice president and head of the Visayas lending group. Gocuan said t they aim to let the public know that the ICONS Program is available to them to fulfil their mandate to support the country’s development.

DBP has 22 lending centers across the country, five of which are in the Visayas. Their Visayas offices are in Cebu, Bohol, Leyte, Bacolod and Iloilo.

The loan amount is be based on the awarded contract and they also extend aid to contractors for them to facilitate the accomplishments of the project.

The loans that they offer can be both contracts-based and for the operational needs of the project.

DBP sets no limit on the amount that they will be releasing. (Ilveya Nava, CNU Intern)

Trending

No stories found.

Just in

No stories found.

Branded Content

No stories found.
SunStar Publishing Inc.
www.sunstar.com.ph