In 2002 alone, the government financial institution (GFI) extended P5.4 billion in loans covering 132 projects.
Roughly 73 percent of the projects that received funding were classified as small and medium enterprises (SMEs). The sector received P1.1 billion or a little over 20 percent of the total loan released last year.
On a cumulative basis, 91 percent of the 6,371 projects are classified as SMEs. They accounted for P31.8 billion or 32 percent of total releases so far.
DBP president and chief executive officer Simon R. Paterno said the bank has access to P70 billion in funding that would be allocated to various priority sectors. Among the priority areas are SMEs, and major infrastructure projects for transportation and power.
Paterno said the bank will also be indirectly involved in housing.
Meanwhile, almost 60 percent of the 2002 lending were gobbled up by programs outside Metro Manila, or roughly P2.6 billion of the total P5.4 billion last year.
Cumulatively, 68 percent of the total 6,371 projects were directed to the countryside. In terms of amount, that could be translated into P56.1 billion of the total.