DBP extends P100 million loan to truck body manufacturer

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) has extended a P100 million revolving credit line to truck body manufacturer Centro Manufacturing Corp. (CMC) to finance its working capital requirements.

DBP president and CEO Emmanuel Herbosa said the funding assistance would support the production of about 3,000 units of various types of trucks and utility vans.

Around 21 percent of these would be allotted as public utility vehicles (PUVs) in support of the national government’s PUV Modernization Program.

“As the country’s premiere infrastructure bank, DBP prioritizes support to initiatives that further develop our transport systems and supply chains,” said Herbosa.

DBP is the sixth 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; the environment; and social services and community development.

CMC is a prominent truck body builder and provider of truck-related equipment and services to various automotive companies and brands in the country, including Toyota, Mitsubishi, and Nissan.

The company has manufacturing facilities in Novaliches, Cavite, and Bulacan.

DBP executive vice president Jose Gabino Dimayuga said it is important to provide funding support for the transport sector to hasten economic recovery by facilitating the movement of people, basic commodities and other goods.

He said DBP recognizes the essential role of the public transport sector as it services daily wage workers who work for micro, small and medium enterprises, which employ about 66.2 percent of the country’s entire workforce.

“Ensuring convenient, economical and efficient public transport systems through strategic financial support remain a priority for financing institutions such as DBP as it is a vital key in attaining expansion and growth,” Dimayuga said.