DBP launches facility for infra

THE DEVELOPMENT Bank of the Philippines (DBP) launched on Friday a financing facility for local contractors to help address funding gaps in infrastructure development.

During DBP’s Strong and Brilliant @ 70 Roadshow at Marco Polo Davao Hotel, the bank unveiled its infrastructure contractors support program (ICONS).

Cecilia C. Borromeo, president and chief executive officer of the bank, said the program is to support the administration’s “Build, Build, Build” program, which covers the establishment of key infrastructure projects.

“Through ICONS, we give local contractors the working capital that they need,” Borromeo said, adding that this is anchored on the goal to enhance the efficiency of the contractors.

The program, she said, aims to help improve the capacity of the contractors to complete their contracts and finance their own investments like acquisition of heavy equipment. Those eligible to borrow under ICONS are those licensed by the Philippine Contractors Accreditation Board.

The Department of Finance touted DBP as the country’s infrastructure bank.

“As the country’s infrastructure bank, DBP is more than ready to help contractors expand their capability,” Borromeo said.

In a statement of DBP, “the ICONS program will also feature a simplified credit investigation process to facilitate faster loan approvals. Loan amount shall be based on the awarded contract or the contractor’s allowable ranges of contract cost, whichever is lower.”

“They can avail of the loan for a maximum of 70% of their contract,” Borromeo said.

The bank also launched digital banking portal, an internet payment gateway. This is aimed to provide ease for its clients.

In Davao Region, the DBP has already financed some of the key projects like Tagum City Hall, Davao Oriental’s Provincial Hospital and irrigation project in Cateel, Davao Oriental.

The bank, Borromeo said, is financing and proving loans mostly, which comprised 80% of their clients, for infrastructure development.