DBP approves 14 transport logistics projects worth P1.4 billion

MANILA, Philippines - The Development Bank of the Philippines (DBP) has approved 14 transport and logistics projects worth a combined of P1.4 billion for both the private as well as public sector.

Also under evaluation are 31 projects worth P2.6 billion, with nine prospective accounts totaling another P705 million.

The projects fall under the Connecting Rural and Urban Intermodal Systems Efficiently (CRUISE) program, with projects ranging from roads, packaging, transport and distribution facilities to cold chain facilities.

DBP has earmarked P22 billion for the CRUISE program.

The projects are located in Isabela, Nueva Ecija, Bataan, Batangas, Sorsogon. Cebu, Negros Oriental, Negros Occidental, Eastern Samar, Agusan del Norte, Agusan del Sur, and Surigao del Sur.

Majority of the projects emanate from the bank’s branches and are applied by local government units (LGUs).

Largest amount among the approved projects is the P380-million loan for the construction of municipal roads in Batangas.

The loan applications for two private sector that were approved a reached P144 million.

The largest loan application still under evaluation is a P428-million vessel purchase by a private entity.

The largest application, still under evaluation, comes from a government agency in Bohol.

Meanwhile, the largest loan applications that are classified as “prospective” is a private entity in the road and road maintenance business, and applying for an amount of P500 million.

DBP president and chief executive officer Francisco F. del Rosario Jr. said that the government financial institution is continuously coordinating with concerned government and private agencies and institutions in establishing inter-agency partnerships and in identifying investment opportunities in the transport sector, supply chain mainly in post-harvest technologies and facilities and logistics.

It is also set to conduct a series of road shows and seminars in several regions in the second half of the year to encourage more investments for the program.