Quezon city: The Development Bank of the Philippines (DBP) has approved and granted a PHP100-million credit assistance to Quezon-based Bayanihan Bank to support its small-scale farmers and fisherfolk clients looking to expand operations. DBP President and Chief Executive Officer Michael de Jesus announced that the loan assistance will enable the rural bank to finance its borrowers' critical requirements to boost their capacity to broaden their market and income.

According to Philippines News Agency, the credit facility will cover loans for working capital, acquisition and upgrading of equipment, and improvement of related facilities. De Jesus emphasized that the partnership with Bayanihan Bank is a strategic move to enhance DBP's support for the agriculture and fishery sector, highlighting the sector's vital role in promoting inclusive economic growth, especially among marginalized communities.

The loan assistance is financed under DBP's Agriculture, Fisheries, and Rural Development (AFRD) Credit Facility. As of April, DBP has approved a total of PHP578.7 million in loans for 32 borrowers under the AFRD program, benefitting more than 1,500 farmers and fisherfolk across the country.

The state-owned bank, De Jesus said, is eager to forge more partnerships with cooperatives, rural banks, and microfinance institutions. DBP, the ninth largest bank in the country with total assets of PHP1.041 trillion, provides credit support to four key sectors in the country: infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.