Development Bank of the Philippines (DBP) has vowed to lend more funds to provinces, cities and municipalities in coordination with fiscal authorities as part of efforts to help local government units (LGUs) bounce back from the crippling effects of the coronavirus pandemic.
Thus said DBP president and CEO Emmanuel Herbosa who revealed that the state-owned lender had so far underwritten P36 billion worth of loans to 349 LGUs around the country in the first half of 2020—a number that is expected to rise once the bank’s second semester credit operations are tallied.
The new package includes subsidies on interest payments on new loans to the LGUs as well as funding support to affect…
Keep on reading: DBP loans to pandemic-hit LGUs hit P36B in H1, set to rise further