State-owned Development Bank of the Philippines (DBP) broadened its support to priority sectors in the third quarter of the year, disbursing a total of P329.1-billion in loans to borrowers, showing a 33.8 percentincrease from the P246-billion recorded during the same period last year, a top official said.
DBP President and Chief Executive Officer Emmanuel Herbosa said bulk of the bank’s loan portfolio went to the infrastructure and logistics sector whichaccounted for nearly 40 percent of loan releases or P152-billion, followed by loans to social services P67.33-billion, environmental projects P44.6-billion, and micro, small and medium enterprises (mSMEs), P24.6-billion.
“DBP will continue with its drive to promote economic inclusion and remain a relevant and responsive partner of the National Government in promoting sustainable development particularly in the countryside,” Herbosa said.
DBP is the eighth largest bank in the country with assets totaling P700.9-billion as of end-September this year and has been designated as the country’s infrastructure bank by the National Government.
Herbosa attributed the increase in its loan portfolio to the aggressive lending activities by its 22 lending centers, which were established in 2018 to fast-track the credit application process and streamline client servicing.
He saidmajority of the projects financed under the infrastructure and logistics sector comprise energy, water resources, information and communication technology, transportation, construction, and manufacturinginitiatives, and are located in Central Luzon, Davao, Central Visayas, Cavite-Laguna-Batangas-Rizal (CALABARZON), and the National Capital Region (NCR).
Herbosa said that DBP-funded social infrastructure projects involved health care, education, housing, and solid waste management initiatives, most of which were concentrated in underserved provinces and municipalities, adding that “…majority of its assistance for environmental projects were located in CALABARZON, Central Luzon, Central Visayas, Davao, and NCR…”
Herbosa said total deposits grew by 12.1 percent for the first nine months of the year to P502-billion from the P447.8-billion reported in the same period last year, backed by aggressive deposit generation activities.
He said DBP added 45 additional automated teller machines (ATMs), bringing its total ATM network to 833 as of end-September this year.