DEVELOPMENT Bank of the Philippines (DBP) has fully released P1 billion in interest rate subsidies for local governments, it said in a statement on Thursday.
The funds, which were used for response and recovery interventions during the coronavirus pandemic, were given to 264 local governments, 69% of which belonged to the second up to the sixth income class, the state lender said.
The DBP subsidy was enforced under Republic Act 11494 or the Bayanihan to Heal as One Act. — Aaron Michael C. Sy
