After disbursing over P11.98-billion credit assistance to the beleaguered tourism sector in the first half of this year, the Development Bank of the Philippines (DBP) further committed to help the industry rebuild trust in travel, adapt to digital platforms, and re-invent traditional offerings to spur demand.
The state-owned bank’s tourism sector assistance is lodged under two programs: 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 for businesses with assets of up to P100-million, according to DBP President and Chief Executive Officer Emmanuel G. Herbosa.
Already, its credit program benefitted 178 tourism-related firms nationwide in the first semester of 2020.
Distressed businesses may also avail of credit support under DBP’s Rehabilitation Support Program on Severe Events.
The program funds the rehabilitation of public and private institutions adversely affected by calamities.
DBP works closely with both the Department of Tourism and private sector stakeholders in formulating long-term solutions to enable the industry to rebound from the pandemic.
“DBP has had a long history of collaboration with the tourism industry,” Herbosa pointed out.
“We shall remain a steadfast partner in finding meaningful solutions to revive, revitalize and reinvent the tourism sector.”
DBP is the seventh largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises (MSMEs); social services and community development; and the environment.
“Moving forward, we must ensure that resources for the industry are channeled, not just for recovery and rebuilding, but also for enhancing the industry’s readiness and resiliency,” the President stressed.