A top official of the Development Bank of the Philippines (DBP) said that the state-owned development bank is prepared to work with the national government and help out in its efforts to broaden financing to relevant industries identified under the Philippine Development Plan (PDP), which serves as the country’s economic development roadmap.
“The DBP is one with the national government in filling the financing gap, especially for emerging and the so-called sunrise industries that are heavily anchored on innovation and technology,” said Michael de Jesus, the president and Chief Executive Officer of DBP. “We are in a prime position to support the goals outlined in the PDP,” he added.
According to the DBP official, they are ready to provide the needed credit support for the digitalization and innovation programs of private firms and businesses as well as local government units as part of their efforts to expand markets and scale up in the global value chain.
“The bank expresses its full support to the government’s push for ‘servicification,’ which targets high-growth industries such as information and communications technology, creatives, tourism, and logistics including technology start-ups that could spur employment generation,” de Jesus was quoted as saying in a DBP press release.
A prominent and seasoned banker, de Jesus had vowed to strengthen and expand the state-owned bank’s role in infrastructure financing to sustain the country’s growth momentum when he formally assumed the position as head of one of the largest government financial institutions in the country.
“As I take the helm of DBP, it is with high hope and confidence that this bank will continue to boost and sustain our infrastructure push,” de Jesus said in his acceptance speech. “Together with our stakeholders, we will ensure that DBP is able to fulfill its mandate of developmental financing especially infrastructure development, as this is a top priority of President Marcos Jr.”
De Jesus is a US-educated and trained banker and has extensive experience in corporate banking and finance. Prior to his appointment as the ninth DBP President and CEO, he was a senior executive of several top-tier universal banks in the country.
The DBP’s developmental mindset
The 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 scale enterprises (MSMEs); the environment; and social services and community development.
It is one of the oldest financial institutions in the country and was established primarily to fund post-war recovery and rehabilitation efforts.
De Jesus added that the DBP can also provide the needed credit support for the digitalization and innovation programs of private firms and businesses as well as local government units as part of their efforts to expand markets and scale up in the global value chain.
He explained that the DBP’s developmental mindset and vast experience in bankrolling pioneering high-impact projects in areas such as infrastructure, tourism, transportation, logistics, and health care could serve as a template for engagement to strengthen the operational resilience and financial muscle of these industries amidst a changing socio-economic landscape.
“In fact, the recent ratification of the Regional Comprehensive Economic Partnership makes it imperative for Philippine firms and businesses to enhance its competitiveness, to which DBP can readily provide its resources towards that end,” de Jesus said.