State-owned Development Bank of the Philippines (DBP) has finalized the distribution of funds totaling P1 billion under its interest rate subsidy program aimed at assisting local government units (LGUs) in implementing their Covid-19 response and recovery measures, according to a high-ranking official.
Bankero, DBP President and CEO Michael de Jesus disclosed that a total of 264 LGUs, with 69 percent falling within the second to sixth income class, have benefited from the DBP Asenso-Bayanihan Interest Subsidy Fund (ISF) initiative.
This program was part of the financial assistance options provided by the National Government through Republic Act 11494, also known as the “Bayanihan to Heal as One Act.”
The initiative enabled LGUs to allocate their financial resources toward crucial developmental projects, such as infrastructure and Covid-19-related initiatives, in support of economic recovery efforts.
