The Development Bank of the Philippines (DBP), the Philippines’ eighth-largest bank in terms of assets, is ready to extend its support to the government’s food logistics action plan. The food logistics action plan is a 3-year program that sets strategies to modernize the country’s food distribution system with the end goal of reducing the cost of commodities, particularly food.
The DBP has pledged to support the program through technical and financial assistance to support the masterplan’s key strategic programs, including investments in logistics infrastructure and those that address supply chain gaps. DBP will work closely with the Department of Agriculture (DA), the Department of Trade and Industry (DTI), and other key government agencies to identify the prevailing supply chain gaps.
The DBP has been providing technical and financial support to critical economic sectors such as infrastructure and logistics, micro, small, and medium enterprises (SMEs), social services, and the environment in the Philippines. The DBP reported that by the end of June 2023, it had already allotted PHP 281.6 billion (USD 4.96 billion) worth of loan assistance for the infrastructure and logistics sector, which already makes up 55.5% of its total loaned amount to different borrowers.
From January 2023 to July 2023, DBP has approved a total of PHP 25.55 billion (USD 449 million) worth of loans to 189 borrowers nationwide from the same sector under its Connecting Rural Urban Intermodal Systems Efficiently (CRUISE) program, which is its flagship facility for the transport infrastructure and logistics sector.
(Source: Philippine News Agency)