DBP allots add’l P10B for Yolanda victims

MANILA, Philippines - State-run Development Bank of the Philippines (DBP) has set aside an additional P10 billion for assistance to local government units and business enterprises affected by Super Typhoon Yolanda.  Through its National Rehabilitation Fund for Calamity Stricken Areas, DBP said the fund will   support of the National Government’s efforts to speed up the economic recovery of the calamity-stricken areas in the Visayas.

The facility is intended for the rehabilitation of DBP-financed projects adversely affected by calamities such as those of local and national government agencies. 

These funds are also available to existing non-DBP financed projects that will hasten the development of communities and regions adversely affected by the calamities.

“This is an existing facility of the bank that we have implemented, and are now beefing up to help in the reconstruction of the areas damaged by Super Typhoon Yolanda.  DBP recognizes the severe loss of businesses and properties, and shall work with existing as well as new clients in the devastated areas,” DBP president and CEO Gil Buenaventura said.

For eligible existing DBP clients/ borrowers, the nature of assistance may be in the form of deferment/ moratorium of payment of loan amortization, restructuring of accounts, additional loan, and condonation of condonable charges.