State-owned Development Bank of the Philippines (DBP) is working closely with the Department of Tourism and tourism enterprises in formulating long-term solutions and interventions to help the industry rebound from the ill-effects of the prevailing public health emergency, a top official said. “DBP has had a long history of collaboration with the tourism industry,” Herbosa said. The tourism sector is an integral component of DBP’s loan portfolio, with the bank disbursing more than P11.98-billion in credit assistance as of the first semester of 2020, which have benefitted around 178 tourism-related firms nationwide. Herbosa said DBP’s assistance for the tourism sector is lodged under two programs, namely the Retail Lending for Micro and Small Enterprises, which targets firms with an asset size of P15-million, and the Medium Enterprises and Other Business Enterprise Lending which caters to businesses with assets of up to P100-million. He said distressed businesses may also avail of credit support under DBP’s Rehabilitation Support Program on Severe Events, which could extend financing support for the rehabilitation efforts of both public and private institutions adversely affected by calamities.

Source: Manila Times October 29, 2020 01:52 UTC