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DoF: New DBP capital to boost Covid programs

The P12.5-billion capital infused into the Development Bank of the Philippines (DBP) will provide additional funds for its Covid-19 response programs, the Department of Finance (DoF) said on Friday.

In a statement, Finance Secretary Carlos Dominguez 3rd said these programs would include extending low-interest, easy-to-pay loans to the transport, healthcare and education sectors; micro, small and medium enterprises (MSMEs); and other affected industries.

The state-run lender, as a wholesale bank, will buy the loans of smaller banks, cooperatives and other institutions to free up more credit for other industries that need to recover from the coronavirus pandemic’s impact on the economy.

Of the amount, P5 billion will be allocated to the transportation sector, P5 billion to 230 MSMEs and other businesses, P2 billion as healthcare assistance to 20 hospitals, and P500 million to 17 schools.

“This P12.5-billion fund will help provide liquidity support to Covid-19 hit sectors. This will have a large multiplier effect in economic activity, given that every peso pumped into GFIs (government financial institutions) like the DBP will generate around 10 times its value in credit,” Dominguez explained.

President Rodrigo Duterte approved the fund in accordance with the provisions in Republic Act (RA) 11494, or the “Bayanihan to Recover As One Act” (Bayanihan 2).

Signed in September, Bayanihan 2 involves interventions that include cash-for-work programs; skills training; social assistance programs; funding for the agriculture, tourism, transportation and education sectors; and more lending programs to help businesses survive.

This law followed RA 11469, or the “Bayanihan to Heal as One Act” (Bayanihan 1), which
covered assistance to disadvantaged or displaced workers during the pandemic; grants to cities, municipalities and provinces; and purchase of Covid-19 detection kits, among others. Signed in late March, Bayanihan 1 expired on June 25.

Bayanihan 2 was originally scheduled to lapse on December 19, but the President on December 29 signed RA 11519, which extended the validity of the funds to be released under Bayanihan 2 to June 30.


Source: ManilaTimes

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