■ STATE- RUN DEVELOPMENT BANK OF THE PHILIPPINES IS TRANSITIONING TO BECOME THE COUNTRY'S INFRASTRUCTURE BANK
Accredited contractors who need to acquire heavy equipment, as well as developers of “social infrastructure” projects like residential buildings and transport facilities are among the targets of the Development Bank of the Philippines’ programs
A key official of state-run Development Bank of the Philippines (DBP) assured that the institution’s transition to becoming the country’s infrastructure bank will be a seamless process.
Speaking to Cebu-based business owners yesterday during the bank’s business road show at the Marco Polo Plaza Cebu, DBP President and Chief Executive Officer Cecilia Borromeo reiterated the bank’s commitment to finance infrastructure projects to support the Duterte administration’s P8.4-trillion Build, Build, Build project until 2020.
“Today provides the perfect opportunity to formally an- nounce that DBP has sharpened its focus on infrastructure financing, in perfect alignment with the call of the National Government. DBP has been tasked by the DOF (Department of Finance) to be the infrastructure bank of the Philippines… a major player in the ‘build, build, build’ development agenda of the government,” said Borromeo.
The official noted that the 70-year-old bank was originally founded to focus on infrastructure financing in the country.
As of June 2017, Borromeo said, the bank has booked P290 billion in loans, of which 85 percent will finance infrastructure projects coming from the public and private sectors.
One of the latest programs of DBP launched in July is Infrastructure Contractor (ICONS), which provides credit to Filipino contractors licensed by the Philippine Contractors’ Accreditation Board in the acquisition of heavy equipment.
Other infrastructure programs that can be financed under ICONS include “social infrastructure” for both residential and non-residential buildings, and transport infrastructure, covering roads, bridges, water supply, wastewater, sanitation and utility structures.
Less than a month since its launching, Borromeo said, DBP has disbursed roughly P250 million for the ICONS program.
Another infrastructure-related program of the bank is the Connecting Rural Urban Intermodal Systems Efficiently or CRUISE Program for transport and logistics facilities.
Under CRUISE, loan exposure has reached P21.56 billion in approved amounts for 161 borrowers, as of June 2017.