The government-owned Development Bank of the Philippines (DBP) has allocated P510 million for corporate social responsibility projects in education.
This funding is part of a larger P1.5 billion budget for the five-year Integrated Scholastic Program for Inclusive and Responsive Education (INSPIRE) and other initiatives, DBP said.
DBP President and CEO Michael De Jesus said the bank’s INSPIRE program will support both basic and tertiary education through partnerships with the Department of Education (DepEd) and various higher education institutions.
The program’s scholarship component, with a budget of P437.5 million, will cover tuition, matriculation fees, and living allowances for food, lodging, and study materials.
At least 350 financially-challenged students are expected to benefit in the first year, particularly those enrolled in fields such as engineering, accountancy, education, and information technology.
An additional P72.5 million will be used to assist DepEd’s Adopt-a-School and Brigada Eskwela programs, aimed at improving 150 public schools.
De Jesus said the INSPIRE program complements DBP’s other education initiatives, which have already benefited over 5,000 scholars in the past 15 years and contributed to high employment rates among its beneficiaries.
