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The Development Bank of the Philippines supports the Marcos Administration’s three-year logistics plan to cut food costs
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The bank is ready to provide technical and financial assistance for this plan and will collaborate closely with government bodies and industry stakeholders to modernize food distribution and address supply chain issues, said DBP CEO Michael de Jesus
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As of mid-2023, DBP has set aside ₱281.6 billion to lower food costs
The Development Bank of the Philippines (DBP) is committed to aiding the Marcos Administration’s ambitious three-year logistics plan that aims to lower the cost of essential items, especially food.
DBP CEO Michael de Jesus assured the bank is ready to offer both technical and financial help for this plan and will closely collaborate with government bodies such as the Department of Trade and Industry and the Department of Agriculture, along with key players in the industry.
READ: DTI’s 3-year food logistics agenda approved
“DBP is one with President Ferdinand Marcos, Jr.’s goal of ensuring reliable food supply at reasonable prices for all Filipinos,” de Jesus said. “DBP will leverage on its experience and financial capability to support key programs to support this goal.”
DBP, as the eighth largest bank in the Philippines, plays a crucial role in boosting the nation’s economy. They provide funding to important sectors like infrastructure, logistics, small businesses, social services, and the environment.
In August, President Marcos, Jr. approved a comprehensive three-year plan to improve food availability and affordability. This plan includes modernizing food distribution, investing in logistics infrastructure, and addressing supply chain gaps.
De Jesus said that by mid-2023, DBP had set aside ₱281.6 billion for infrastructure and logistics projects, more than half of their total loans of ₱506.9 billion. Of this, ₱45.5 billion had already been given out, and another ₱18.5 billion was in the works for January to June.
As of July, DBP had approved loans totaling ₱25.55 billion for 189 borrowers across the country under their Connecting Rural Urban Intermodal Systems Efficiently or CRUISE program. This program focuses on transport infrastructure and logistics.
