The Development Bank of the Philippines (DBP) is set to implement the interest rate subsidy program covering loans for local government units (LGUs) that would be utilized for economic and social development projects that seek to mitigate the crippling effects of the pandemic. DBP, along with Land Bank of the Philippines, has been allotted P1-billion each to provide subsidies on loan interest payments on new and existing loans of LGUs as they implement their respective COVID-19 response and recovery efforts.
Source: DBP