In the Philippines, development financing institutions play a pivotal role in the quest for sustainable growth and development. At the helm of the country’s march toward progress is the Development Bank of the Philippines (DBP).
As one of the largest government financial institutions in the country, the DBP has since taken upon itself the strategic task of influencing and accelerating sustainable economic growth — through the provision of resources — for the continued well-being of the Filipino people.
Just recently, a prominent and seasoned banker formally assumed the position as head of the country’s most pre-eminent development financial institution. In a press statement, he vowed to strengthen and expand the bank’s role in infrastructure financing to sustain the country’s growth momentum.
Michael O. De Jesus, the new president and chief executive officer of the state-owned Development Bank of the Philippines (DBP), said that the bank will work closely with the national government in expanding the country’s infrastructure development program to raise the competitiveness of the local economy.
“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. “Together with our stakeholders, we will ensure that DBP fulfils 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.
DBP to remain active in financing high-growth sectors
In his speech, De Jesus stated that the DBP would remain active in financing high-growth sectors such as telecommunications and public infrastructure, as well as those that promote food security, agriculture modernization, sustainable energy, and economic inclusivity.
De Jesus adds that the DBP will also pursue digitalization to increase customer touchpoints and enhance client engagement, saying, “The Development Bank of the Philippines (DBP) will be more customer-centric to address the needs of its niche markets like local government units by leveraging on partnerships with established information technology (IT) providers and harnessing available and emerging IT applications…”
Under its new charter, the DBP is classified as a development bank and may perform all other functions of a thrift bank. Its primary objective is to provide banking services principally to cater to the medium and long-term needs of agricultural and industrial enterprises with emphasis on small and medium-scale industries.
It is now 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; the environment; and social services and community development.
DBP now also has a network of 146 branches and branch-lite units, many of which are located in far-flung and underserved communities.
It has since been designated as the country’s infrastructure bank since 2017.