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DBP, DOST sign accord on financing program for entrepreneurs

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DBP president and chief executive officer Cecilia C. Borromeo and DOST secretary Fortunato Dela Peña (3rd and 2nd from left, respectively) shake hands after the MOA signing. Also in photo are DOST director Edgar Garcia (extreme left) and DBP executive vice president Benel Lagua (extreme right).

 

The Development Bank of the Philippines (DBP) and the Department of Science and Technology (DOST) signed recently a Memorandum of Agreement (MOA) for the DBP Bankability Enhancement for SETUP Technopreneurs (DBP BEST) program.

The DBP BEST program is a facility that addresses the financing needs of beneficiaries of DOST’s Small Enterprise Technology Upgrading program (SETUP), which encourages and assists small and medium enterprises (SMEs) in adopting technological innovations to boost their productivity and competitiveness.

DBP president and chief executive officer Cecilia C. Borromeo credited DOST Secretary Fortunato Dela Peña for the initiative to have an encompassing national MOA for the said program.
DBP BEST provides loans for working capital and acquisition of fixed assets such as construction of factory / office building and other equipment.

“Through our complementary programs, we at DBP envision to effectively bridge the financing gap for graduating SETUP Technopreneurs under the DBP-BEST Program,” President Borromeo said.
Under the agreement, DBP shall offer complementary credit facilities and other banking services to eligible and qualified SETUP technopreneurs. For its part, DOST will assist in identifying clients ready to be transitioned to formal banking.

The DBP BEST program has been promoted in various regions such as Ilocos, Bicol, Cordillera Administrative Region, Bicol, Caraga, and Region 9.  Initially, some 89 SETUP beneficiaries have been identified with total aggregate loans amounting to P169 million.

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