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According to a senior official, the state-owned Development Bank of the Philippines (DBP) has authorized PHP39.5 billion in loans under its flagship credit program, which seeks to solve financing shortages in the country’s infrastructure development.

DBP president and chief executive officer Emmanuel Herbosa stated in a statement on Thursday, October 7, 2021, that from January to June this year, 440 borrowers took use of the bank’s Infrastructure Contractors Support (ICONS) program, which was launched in 2017.

“DBP has increased its emphasis on the national government’s infrastructure-building initiative to give further momentum to the country’s economic recovery,” he added. “As the country’s leading development bank, DBP continues to help contractors fulfill the increasing demand for significant public infrastructure projects.”

DBP is the country’s fifth-largest bank by assets and offers loans to four key economic sectors: infrastructure and logistics, micro, small, and medium businesses, the environment, social services, and community development.

The DBP’s ICONS program provides construction contractors with direct funding for a variety of infrastructure projects, including transportation, water supply, wastewater and sanitation, communications, as well as social, electricity, and energy.

According to Herbosa, the ICONS program has helped 151 borrowers in Luzon, 134 in the Visayas, and 145 in Mindanao, including 10 companies with multiple project sites, in the first half of the year.

DBP, he added, will continue to assist the national government’s efforts this year as part of the huge “Build, Build, Build” program, which has a total allocation of PHP1.18 trillion for public works and transportation projects under the 2022 National Expenditure Program.

“Infrastructure development is critical for driving economic growth and improving quality of life,” Herbosa said. “DBP will continue to be in the forefront of providing the necessary support to help the economy recover, maintain gains, and accelerate growth.”

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