DBP awarded for countryside development

State-run Development Bank of the Philippines (DBP) was recently awarded by a top consultancy firm for the bank’s efforts in promoting economic development in the countryside.

In a statement, DBP president and chief executive officer Cecilia Borromeo said the bank was one of the recipients of the first-ever Nation Builder Award presented by local engineering company, Quantity Solutions Inc. and co-presented by the American Chamber of Commerce of the Philippines last Sept. 20.

“The award has even greater significance to the DBP because of its mandate to be government’s catalyst for nation-building. This award helps validate our relevance, our impact, the magnitude of the work that we do with our partners in development,” Borromeo said.

Borromeo said the DBP was cited for its projects that have boosted investments, generated jobs, and promoted human capital especially in underserved areas of the country.

Aside from DBP, other awardees were DM Consunji Inc., Ayala Land, Aidea Philippines, Astoria Hotels, Cargill Philippines, Sutherland Global Services, Fluor Daniel, Quezon Power Ltd. Co., and Texas Instruments Philippines Inc.

The DBP is the eighth largest bank in the country, with total assets reaching P617.87 billion as of the end of June.

Borromeo earlier said the DBP has committed to increase its funding support to far-flung areas of the country, especially in terms of infrastructure development and environment protection.

In line with this, the DBP boosted its lending activities in the first half, with a total loan portfolio of P250.59 billion.

About P72.1 billion of this amount went to local government units, state firms and other private businesses.

Loans extended to the infrastructure sector also reached P82.88 billion, while the agriculture sector received loans amounting to P40 billion.

Healthcare, education and shelter projects also received P38.58 billion in funding assistance, while P15.94 billion was released for environmental projects.

Aside from boosting credit, the DBP is also continuously expanding its network in the countryside.

As of Aug.15, the bank already has a total of 748 automated teller machines nationwide, including the newly installed ones at the Chocolate Hills Complex in Bohol, and Sibuyan Island in Romblon.

DBP also launched a deposit generation campaign to encourage more Filipinos to open bank accounts, in line with the bank’s thrust to improve financial inclusion in the country.