State-owned Development Bank of the Philippines has granted P500 million in funding support to a Cavite-based healthcare institution for the construction of a hospital facility to meet growing demand for healthcare services in Cavite and nearby towns, a top official said.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the credit assistance to Ridgeview Hospital and Medical Center, Inc., under the Bank's Strategic Healthcare Investments for Enhanced Lending & Development program, would be used to finance the construction of the first level 2 hospital in Alfonso, Cavite.

"DBP's credit support to RHMCI affirms the Bank's unique role as a catalyst for a more competitive healthcare sector in the country," Herbosa said. "The bank is ready to bridge the gap in quality medical facilities in the fledgling town of Alfonso."

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.

RHMCI is a start-up private corporation owned by practicing medical professionals and business experts in Cavite. The new facility will be strategically located in the Metro Tagaytay area and shall be accessible to nearly 500,000 residents of the district and nearby municipalities such as Emilio Aguinaldo, Magallanes, Maragondon, Mendez, Naic, Ternate, Amadeo, Indang, Trece Martires, Silang, Tagaytay, and Nasugbu, Batangas.

Herbosa said under the agreement, P395 million will be utilized to partially finance the construction of a five-storey level 2 hospital, while the remaining P105 million will cover the acquisition of medical equipment and machinery.

He said the project is expected to contribute to the improvement of the healthcare sector in Cavite by increasing the bed-to- population ratio in the eighth district to 1:1,679 from the present 1:2,231.

"This initiative is in line with DBP's continuing commitment to assist in the strengthening of the healthcare sector amidst the challenges that have emerged as a result of the pandemic," Herbosa said.

DBP Executive Vice President for Development Lending Paul D. Lazaro said that as of 31 August 2022, the Bank has approved a total of P37.5-billion in loans to 143 projects under the DBP SHIELD Program, which extends financing to healthcare enterprises to ensure a more responsive and accessible healthcare system in the country.

He said the loan facility has helped partner healthcare institutions to increase overall bed capacity in the country by more than 8,300 beds and to address increased demand for quality medical care of Filipinos across the country.

"DBP's SHIELD directly supports the Philippine Development Plan and the United Nations Sustainable Development Goal No. 3 — Good Health and Well-being, which aims for universal health coverage, including financial risk protection, access to quality essential health-care services as well as safe, effective, quality and affordable essential medicines and vaccines for all," Lazaro said.