State-owned Development Bank of the Philippines (DBP) is boosting its support to public education with its P10-billion Financing for Public Basic Education (FPBE) facility that aims to improve the delivery of educational services in the country, especially to low-income communities.
DBP president & chief executive officer Francisco F. Del Rosario, Jr. said the FPBE will also support the national government¹s efforts to achieve universal primary education. "We are optimistic that with the FPBE, we can catalyze the improvement of the public school system by encouraging local government units to invest in facilities that will improve the learning environment of public schools such as classrooms, libraries, laboratories, toilets, and sufficient textbooks and teaching aids," he added.
Del Rosario said that the FPBE will give priority to 4th to 6th class municipalities and 4th to 5th class provinces, Local government units, with authorization from their local school boards and Sangguniang Bayans, may avail of loans under the said facility for projects such as land acquisition, infrastructure, furniture and equipment, supplies and materials, and special projects.
Maximum amount of loans shall be up to 90% of total project cost or winning bid price, whichever is lower. Repayment term is up to 10 years inclusive of up to 2 years grace period on principal payments.