DBP has approved a total of P7-billion under its Infrastructure Contractors Support (ICONS) Program or ICONS.
DBP President and Chief Executive Officer Cecilia C. Borromeo said the financing program is designed to address funding gaps in infrastructure development in the country.
“With the ICONS program, DBP has sharpened its focus on infrastructure as a major thrust of its financing activities, in line with its pivotal role in the infrastructure build-up program of the Duterte administration,” Borromeo said. She added that a total of 132 projects have been funded under the DBP ICONS program which was launched late last year.
“As the country’s infrastructure bank, DBP is more than ready to help contractors expand their capability,” she said.
Borromeo explained that the ICONS program will help in improving the capacity of Filipino contractors to complete their contracts and finance their own investments, including the acquisition of heavy equipment for use in construction projects.
Contractors duly licensed by the Philippine Contractors Accreditation Board are eligible to borrow under the ICONS program. Infrastructure contracts that can be financed under the program include social infrastructure for both residential and non-residential buildings, transport infrastructure covering roads and bridge, water supply, wastewater, sanitation and other utility infrastructure.
The program can also finance contractors that have projects involving waste, power and energy infrastructure.
The ICONS program will also feature a simplified credit investigation process to facilitate faster loan approvals.Loan amount shall be based on the awarded contract or the contractor’s allowable ranges of contract cost, whichever is lower.