(PAGASA 24-HOUR PUBLIC WEATHER FORECAST as of Monday, 02 October 2023) At 3:00 AM today, the center of Tropical Storm "JENNY" {KOINU} was estimated based on all available data at 675 km East of Aparri, Cagayan (18.8°N, 128.0°E) with maximum sustained winds of 120 km/h near the center and gustiness of up to 150 km/h. It is moving Northwestward at 10 km/h. Southwest Monsoon affecting Southern Luzon, Visayas, and Mindanao. Butuan City, Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte and Surigao del Sur will experience Partly cloudy to cloudy skies with isolated rainshowers or thunderstorms due to Trough of TS Jenny / Localized Thunderstorms. Possible flash floods or landslides during severe thunderstorms. Light to moderate winds coming from Southwest to West will prevail with slight to moderate seas (0.6 to 2.1 meters).

Thursday, 3 August 2023

DBP completes 1B interest subsidy disbursement to LGUs 

State-owned Development Bank of the Philippines (DBP) has completed disbursement of funds under the P1-billion interest rate subsidy program covering local government units (LGUs) in the implementation of their respective COVID-19 response and recovery interventions, a top official said.  

DBP President and Chief Executive Officer Michael O. de Jesus said a total of 264 LGUs, of which, 69 percent belong to the 2nd to 6th income class, benefitted from the Bank’s DBP ASENSO-Bayanihan Interest Subsidy Fund (ISF) program, which was part of the menu of financial assistance of the National Government under Republic Act 11494 or the “Bayanihan to Heal as One Act”.  

“DBP is honored to be a responsive partner of our LGUs as they continue to build back more from the ill-effects of the pandemic,” de Jesus said. “The Bank remains steadfast in our commitment to advance the programs of the National Government that seek to strengthen and fortify the resiliency of our LGUs against future challenges.” 

DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development. 


RA 11494 mandates government financial institutions to provide subsidies to LGUs for new and existing loans availed for the implementation of their respective COVID-19 response and recovery interventions such as permanent working capital and acquisition of agricultural equipment and construction.  

De Jesus said that through the DBP ASENSO-Bayanihan ISF program, LGUs were able to conserve financial resources for interest payments, which were channeled to other essential developmental projects that helped create opportunities amidst the slowdown in the national economy. 


He said that the majority of projects supported by the program covered infrastructure development such as construction of roads and bridges, multipurpose buildings, acquisition of heavy equipment units, and COVID-related infrastructure projects. 


“As the disbursement phase of the ISF concludes, DBP remains determined to sustain its support for the nation’s economic recovery efforts and explore avenues that will contribute to our country’s overall progress,” de Jesus said. (DBP/PIA-Caraga)