DBP extends P8.5B in loans for firms' recovery

© Provided by BusinessWorld

THE Development Bank of the Philippines (DBP) extended loans worth P8.5 billion in the first half of the year to support firms’ recovery from the impact of the coronavirus pandemic. 

The loans were extended to 90 firms across the country under the bank’s Rehabilitation Support Program on Severe Events (RESPONSE) and its sub-program that caters to micro-, small-, and medium-sized enterprises (MSMEs), DBP President and Chief Executive Officer Emmanuel G. Herbosa said in a statement on Friday. 

Broken down, 43% or P4.8 billion of the loans went to 30 borrowers mainly in Luzon with businesses related to accommodation and food service industries, wholesale and retail trade, public administration and defense, manufacturing, financial and insurance activities, and other service activities. 

Meanwhile, the loan program’s sub-unit catering to MSMEs extended credit worth P3.7 billion to 60 borrowers. This financed 24 projects in Mindanao, 21 in Visayas and 15 in Luzon that were focused on wholesale and retail trade, financial and insurance activities, agriculture, forestry and fishing, and accommodation and food service industries.  

“DBP is poised to provide the strategic assistance to our development partners in the business community and to fellow government institutions as they improve current systems and boost continuity programs to mitigate the impact of future crisis situations,” Mr. Herbosa said. 

The RESPONSE program of the bank caters to DBP and non-DBP borrowers affected by calamities such as typhoons, floods, drought, pest and disease infestations, earthquakes, peace and order problems, and other similar events that cause significant socio-economic damages.  

Loans granted under the program have a repayment period of up to 15 years inclusive of a three-year grace period for public borrowers and up to 10 years with a three-year grace period for private institutions. 

Meanwhile, the sub-program for MSMEs offers low interest rates and flexible terms for registered medium enterprises, including start-ups and cooperatives engaged in agri-fishery and non-essential businesses. It also includes wholesale lending to rural banks, thrift banks, microfinance-oriented banks, cooperatives and microfinance institutions, which in turn can be tapped for relending to MSMEs.  

DBP’s net income dropped 62% to P547.83 million in the first quarter from P1.455 billion a year earlier as its operating expenses climbed. 

The lender, which is the country’s designated infrastructure bank, was the sixth largest in the country in terms of assets with P1.102 trillion as of March, based on central bank data. — L.W.T. Noble 

Internet Explorer Channel Network
News Related

OTHER NEWS

What is mirror gazing meditation? All you need to know about it

In general, meditation teaches its practitioners to focus on the present moment, breath by breath. It is described as a means of noticing what comprises in each moment of our ... Read more »

‘Finally doing right': Democrats' big bill offers Sanders chance to deliver

When making the case for progressive policy, the veteran leftwing senator Bernie Sanders often cites public opinion. “Poll after poll,” he’ll say, before running through a list of ambitious initiatives ... Read more »

Heartbreak for director Jim Sheridan as wife Fran suddenly passes away

© Provided by Evoke.ie Irish director Jim Sheridan is mourning the loss of his wife Fran after she suddenly passed away. He is being comforted by family and friends after ... Read more »

Three Emiratis among Miss Universe UAE hopefuls as finalists are announced

© Provided by The National Emirati models Marwa Al Hashemi, Ameera Alawadhi and Reem are among the finalists at the first Miss Universe UAE pageant. Photo: Miss Universe UAE Three ... Read more »

Guna bahan semula jadi 100 peratus, masker Botanics Floral Sheet Mask sesuai untuk jenis kulit

KEPADA wanita yang teliti dalam aspek penjagaan wajah, sekurang-kurangnya mereka akan memakai masker atau pelembap muka seminggu sekali. Justeru, kepada kaum Hawa yang ingin mengubah angin, apa kata beralih kepada ... Read more »

Budget 2021: Five things to look out for

© Reuters Rishi Sunak has had a year-and-a-half as a high spending chancellor during a once-in-a-century crisis. Chancellor Rishi Sunak will unveil the government’s tax and spending plans on Wednesday. ... Read more »

Crew member yelled 'cold gun' as he handed Alec Baldwin prop weapon

© Provided by WION On October 21, actor Alec Baldwin accidentally shot and killed cinematographer Halyna Hutchins, when he fired a prop gun during the shooting of the movie ‘Rust’. ... Read more »

Bigg Boss 15: Pratik Sehjapal gives ‘Jhooth ki Mirchi' to Jay Bhanushali; Latter reacts

© Provided by Pinkvilla Pratik Sehajpal and Jay Bhanushali are constantly seen fighting with each other over one task or another. They are at loggerheads from day one. Even Salman ... Read more »

Five Best Smartphones You Can Buy Under Rs 30,000 in India in October 2021

© Provided by News18 Five Best Smartphones You Can Buy Under Rs 30,000 in India in October 2021 We are almost at the end of 2021, but smartphone makers continue ... Read more »

Why India should ignore global rankings, including the ones where it fares well

© Moneycontrol News Why India should ignore global rankings, including the ones where it fares well Why are we Indians so obsessed with “global indices” and “rankings”? The latest cause ... Read more »

Kangana Ranaut shares Karwa Chauth tales of her family, says 'Those not fasting, don't ridicule believers'

Kangana Ranaut is one such actress who always speaks her heart out be it in front of the entire media or on her social media. The actress shares her feelings ... Read more »

UP Govt to Provide Financial Assistance of Rs 50,000 to Families of Covid-19 Victims

© Provided by News18 UP Govt to Provide Financial Assistance of Rs 50,000 to Families of Covid-19 Victims The Yogi Adityanath-led Uttar Pradesh government on Sunday announced to provide financial ... Read more »

Earthquake of 4.2 magnitude hits Kargil in Ladakh

Earthquake of 4.2 magnitude jolts Kargil in Ladakh. (Image for representation: Reuters) An earthquake of magnitude 4.2 hit Kargil in Ladakh on Sunday. The tremors were felt around in the ... Read more »

Garena Free Fire Redeem Codes for October 24, 2021: How to redeem the codes

Garena Free Fire is a successful online royale game available on mobile devices. It has gained popularity for its adventure-driven battle game. It is one of the most popular mobile ... Read more »

After Xi Jinping's Speech on ‘Reunification', China-Taiwan Tensions Escalate

© Provided by News18 After Xi Jinping’s Speech on ‘Reunification’, China-Taiwan Tensions Escalate Taiwan is finding it difficult to keep itself out of international headlines. The island nation, home to ... Read more »

Dhanush's Maaran to release directly on OTT? Fans are confused and waiting for updates

Dhanush’s Maaran is likely to release on an OTT platform. Dhanush’s Maaran, directed by Karthick Naren, is on the verge of completion. Now, reports suggest that Maaran is likely to ... Read more »

Amazon Prime membership cost: Here's why prepaid plans could get more costly

Amazon Prime memberships are set to become more expensive, the company recently confirmed on its website. While the price of Amazon’s premium shopping and OTT services package has gone up, ... Read more »

Abhishek Banerjee shares throwback picture from 'Mirzapur'

© IANS Abhishek Banerjee. Mumbai, Oct 24 (IANS) Prime Video’s ‘Mirzapur’ released almost 3 years back and changed the Indian OTT scene forever. Abhishek Banerjee who starred in the series ... Read more »

Pakistan refutes reports of agreement with US to use its airspace for military ops in Afghanistan

© Provided by The Print Islamabad: A day after US media organisation CNN reported the possibility of an agreement between the United States and Pakistan regarding the use of the latter’s ... Read more »

‘Stick to Real Issues': Sidhu Steps in as Twitter War Over Pak Scribe Aroosa Alam Muddies Political Waters in Punjab

© Provided by News18 ‘Stick to Real Issues’: Sidhu Steps in as Twitter War Over Pak Scribe Aroosa Alam Muddies Political Waters in Punjab As the online feud between Punjab ... Read more »

Odisha Govt plans to relocate families from tiger habitation areas in Debrigarh wildlife sanctuary

© Provided by The Statesman Odisha Govt plans to relocate families from tiger habitation areas in Debrigarh wildlife sanctuary In an attempt to reduce the man-animal conflict, the State government ... Read more »

Amit Shah inaugurates new IIT Jammu campus in J K

J&K: Amit Shah inaugurates new campus at IIT Jammu Union Home Minister Amit Shah, who is on a three-day visit to Jammu and Kashmir, inaugurated a new campus at the ... Read more »

Police say K'taka man who poisoned kids suffered from depression

© Provided by The Statesman Police say K’taka man who poisoned kids suffered from depression When his wife died from Black Fungus on 6 July, Gopala Hadimani, 46, was devastated ... Read more »

Mann Ki Baat: PM Modi pays respects to police personnel killed in action

© Provided by The Statesman Mann Ki Baat: PM Modi pays respects to police personnel killed in action Prime Minister Narendra Modi on Sunday recalled the police personnel who had ... Read more »

News updates from HT: Maoist killed in encounter with Bihar STF, AK 47 recovered

© Provided by Hindustan Times The encounter took place around 10pm in the forest and hilly areas of Pidi Bazar police station. (HT Photo) Here are today’s top news, analysis ... Read more »

PhonePe starts charging transaction fees on mobile recharge above Rs. 50

PhonePe, the Walmart-owned digital payments company, has started levying transaction fees on certain transactions including UPI. The company had recorded over 165 crores UPI transactions on its platform in September. ... Read more »

Sources say PM's focus on Cop26 to blame for faltering roll-out

© Provided by Daily Mail MailOnline logo Boris Johnson has ‘taken his eye off the the ball’ and his focus on preparations for the forthcoming Cop26 climate summit is to ... Read more »

Stage 2 load shedding needed to replenish emergency generation reserves - Eskom

© Provided by CapeTalk Eskom implemented Stage 2 load shedding on Saturday night, lasting until 5am on Monday There have been breakdowns, numerous trips at power stations as well as ... Read more »

Cop26: ‘World conflict and chaos' could be the result of a summit failure

Global security and stability could break down, with migration crises and food shortages bringing conflict and chaos, if countries fail to tackle greenhouse gas emissions, the UN’s top climate official ... Read more »

Father accuses school of tying mask to head of disabled daughter

Over $30,000 has been raised for Sofia through a crowdfunding website, GiveSendGo. Jeffrey Steele Florida school officials forced a little girl with Down Syndrome to wear a mask by tying ... Read more »

Seven ways to keep your home clean and free from bugs as fleas and ticks soar

THE Consumer Crew are here to solve your problems. Mel Hunter will take on readers’ consumer issues, Jane Hamilton will give you the best advice for buying your dream home, ... Read more »

Kate Middleton Just Wore Another Piece We Can't Believe She Found in Zara

If you're a regular reader of Who What Wear, you're probably well acquainted with Kate Middleton's wardrobe. She dresses pretty classically, but occasionally she'll surprise us with something a bit ... Read more »

Six states to get priority for development, says PM

© Provided by Free Malaysia Today Prime Minister Ismail Sabril Yaakob on a visit to the construction site of Petra Jaya hospital in Kuching, Sarawak, today. (Ismail Sabri Yaakob Facebook ... Read more »

Covid news - live: PM insists booster jabs will ‘protect Christmas' as NHS faces ‘worst winter ever'

© PA Coronavirus – Wed May 27, 2020 LIVE – Updated at 08:38 PM Boris Johnson and senior health chiefs are continuing to call on the nation to get vaccinated ... Read more »

I ditched Android for iPhone, and my friends' reactions surprised me most

My decision to ditch my Android phone in favor of an iPhone earlier this summer wasn’t supposed to matter very much. Android phones are great, and for years I’ve been using the many non-iOS ... Read more »

Lantern parade celebrates village's new royal status

© Provided by Indy 100 Hillsborough1 Children took part in a lantern parade through Royal Hillsborough as the village celebrated its new status. It is the first area of Northern ... Read more »

Upgrading to the Apple Watch 7? Here's how to trade in your old watch for the best deal

The new Apple Watch Series 7, now available in stores, starts at $399. The new device will run WatchOS 8 (launched Sept. 20, along with iOS 15) which brings a larger, more durable screen ... Read more »

How to optimise ventilation and keep Covid-19 at bay

© Provided by Free Malaysia Today From Dr Amar-Singh HSS I am indebted to many colleagues, especially in the online doctors group, Dobbs, who have posted ideas, articles and devices ... Read more »

Perkeso bantu 4,864 penduduk Sabah dapat pekerjaan

© Provided by Sinar Harian TUARAN – Inisiatif kerajaan melalui Pertubuhan Keselamatan Sosial (Perkeso) berjaya membantu seramai 4,864 penduduk Sabah memperoleh pekerjaan dalam tempoh sembilan bulan pertama tahun ini. Ketua ... Read more »

Orang ramai buat persediaan awal sambut Deepavali

SEREMBAN – Sambutan perayaan Deepavali kali ini dijangka kembali meriah kembali selepas hampir dua tahun negara dilanda pandemik Covid-19. Tinjauan Sinar Harian di kawasan Little India Seremban mendapati, rata-rata pengunjung ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic