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P6B loans to Covid-hit businesses

The Development Bank of the Philippines has extended P6.13 billion in loans to enterprises badly hit by the economic shock of the coronavirus disease 2019 and earmarked interest subsidies amounting to P27.13 million to local government units last year in line with its goal to help keep the productive sectors of the economy afloat during this global crisis.

DBP president and chief executive officer, Emmanuel Herbosa, said that to provide the bank with additional resources to help fund these efforts and the country’s economic recovery program starting this year, it plans to issue a USD300-million bond by mid-2021, along with the second tranche of its sustainability bonds sometime in November.

As part of DBP’s innovative financing solutions, Herbosa said it is also planning to develop an LGU credit rating system together with the Department of Finance-attached Bureau of Local Government Finance and the International Finance Corporation in support of the development of a bond market for LGUs.

“Agri-agra compliant bonds are also on the horizon as this will be timely upon the passage of amendments to the Agri-Agra Law in support of the development of agriculture and agrarian reform,” he said.

Herbosa said DBP is also eyeing the development of an alternative trading system in the near future to anticipate the growth of the Philippine finance market.

“Our finance market is maturing and more financial solutions are needed. The bank is in a good position to pioneer a system of exchange for new market securities,” he added.*PNA

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