DBP says working on 'financial interventions' to aid recovery of transport sector

ABS-CBN News

Posted at Oct 16 2020 05:10 PM

MANILA - The Development Bank of the Philippines said Friday it was working with the country's transport authorities in coming up with "financial interventions" to help the industry recover from the impact of the coronavirus pandemic.

The measures include assistance for government subsidies to public utility vehicle operators to cover revenue gap during the COVID-19 lockdown, DBP said in a statement.

“DBP is one with the DOTr and LTFRB in finding suitable and sustainable solutions to assist the transport sector as it steadily begins to recover from the devastating losses spawned by this pandemic,” DBP President and Chief Executive Officer Emmanuel G. Herbosa said.

“This an opportune time for the public transport sector to examine its future role in the country’s mass transportation system while optimizing available resources to meet the growing demand for cleaner and more efficient modes of transport,” he added.

It would also extend financial support to the transport sector through its Rehabilitation Support on Severe Events (RESPONSE), it said.

As of end-June, the bank said it has provided a total of P19.16 billion in credit assistance and payment deferment which benefitted some 606 clients.