DBP continues nationwide branch expansion

THE DEVELOPMENT Bank of the Philippines (DBP) steps up its nationwide branch expansion, with the opening of its newest branch in Siquijor and two new Extension Offices in Naguilian, La Union and Cabugao, Ilocos Sur, to bring its network to a total of 114 locations.

DBP soft-opened its newest branch in the capital town, Siquijor, of the island province of the same name and formally inaugurated an Extension Office in the municipality of Cabugao, Ilocos Sur on Jan. 20.

DBP also inaugurated another Extension Office in Naguilian, La Union on Jan. 16. Naguilian is the first location for DBP’s new concept of “Extension Office” or a mini-branch with a smaller footprint but providing full banking services assisted by its mother branch in the capital city of San Fernando. Naguilian is famous for its “basi” (sugarcane wine) and other industries that include woodcraft, ceramics and brick making, besides its main agriculture and fishery industries.

Siquijor is the country’s third smallest province (after Camiguin and Batanes) and lies southeast from Cebu and Negros Oriental (the island is visible from Dumaguete City). In fulfillment of its mandate to bring its banking and financing services to all over the country, DBP accords the opening of its branch in Siquijor with great importance in furtherance of the bank’s mission for financial inclusion and sustainable development.

Cabugao, Ilocos Sur is DBP’s second “Extension Office” and is serviced by its mother branch in Vigan City.

DBP is the first universal commercial bank to have a presence in Cabugao and is thus a welcome development for the town whose traders have long requested for a bank not just to safe keep their monies but also provide much needed financing to further spur the town’s economic growth.

They may not be famous towns nor familiar to most Filipinos, but as DBP’s President and Chief Executive Officer Cecilia C. Borromeo explained: “DBP, as the state’s economic development policy implementing bank, aims to widen its financial impact especially in the underserved but high growth potential locations. We are proud to open our newest DBP branches in these towns, boosting our network to 114 with more branches and extension offices scheduled to open in the coming months. Our purpose and mission remain focused on our development mandate — of improving the lives and well-being of our countrymen and ensuring that this development is broadbased, inclusive and sustainable.”